- 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
|Today last price||26.44|
|Today Daily Change||-0.35|
|Today Daily Change %||-1.31%|
|Today daily open||26.79|
|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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