• Silver prices fail to keep Friday’s bounce off $26.04.
  • Lower high formation favor sellers inside short-term symmetrical triangle.
  • Break of two-week-old resistance line can trigger fresh buying.

Silver remains sluggish around $26.45, down 1.27% on a day, before the European markets open for Monday’s trading. The white metal bounced off 21-day SMA on Friday but the failure to keep the same dragged the quote back to the short-term key SMA level.

While sellers may wait for the clear break below 21-day SMA level of $26.25, a lower high formation since the early-August joins bearish MACD to keep the bulls away.

Even so, the commodity’s weakness past-$26.25 will have to slip below an ascending trend line from July 28, at $24.25, to please the pessimists with 50-day SMA around $22.00.

Alternatively, an upside break of the descending trend line from August 07, at $27.45 now, will have to cross $28.50 before attacking the monthly high of $29.85.

Also acting as an upside barrier beyond $29.85 will be $30.00 and late-January 2013 bottom around $30.75.

Silver daily chart

Trend: Further declines expected

Additional important levels

Overview
Today last price 26.44
Today Daily Change -0.35
Today Daily Change % -1.31%
Today daily open 26.79
 
Trends
Daily SMA20 26.25
Daily SMA50 21.79
Daily SMA100 18.98
Daily SMA200 17.95
 
Levels
Previous Daily High 27.54
Previous Daily Low 26.04
Previous Weekly High 28.47
Previous Weekly Low 25.83
Previous Monthly High 26.21
Previous Monthly Low 17.76
Daily Fibonacci 38.2% 26.62
Daily Fibonacci 61.8% 26.97
Daily Pivot Point S1 26.04
Daily Pivot Point S2 25.29
Daily Pivot Point S3 24.54
Daily Pivot Point R1 27.54
Daily Pivot Point R2 28.29
Daily Pivot Point R3 29.04

 

 

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