• Silver consolidates recent gains during three-day uptrend, stays inside bearish chart pattern.
  • RSI pullback from overbought territory signals further weakness, 100-HMA offers immediate support.
  • 200-HMA acts as a tough nut to crack for bulls.

Silver (XAG/USD) prices pare early day gains around $22.50 heading into Tuesday’s European session.

In doing so, the bright metal stays inside an immediate rising wedge bearish chart pattern.

Given the recent RSI retreat from overbought territory, the commodity’s latest weakness is likely to test the 100-HMA support of $22.45. However, any further weakness will be challenged by the stated wedge’s support line, near $22.40 at the latest.

Should the quote drop below $22.40, the odds of its slump to the monthly low near $21.95 can’t be ruled out.

It’s worth mentioning that the bottom marked during September and December months of 2021, around $21.40, becomes crucial support to watch afterward.

Alternatively, a clear upside break of $22.60 immediate resistance line, forming part of the wedge, will escalate rebound towards the 200-HMA level of $22.73.

Following that, a one-week-old descending trend line around $23.00 will gain the market’s attention.

Silver: Hourly chart

Trend: Further weakness expected

Additional important levels

Overview
Today last price 22.52
Today Daily Change 0.05
Today Daily Change % 0.22%
Today daily open 22.47
 
Trends
Daily SMA20 22.65
Daily SMA50 23.22
Daily SMA100 23.31
Daily SMA200 24.7
 
Levels
Previous Daily High 22.52
Previous Daily Low 22.2
Previous Weekly High 23.41
Previous Weekly Low 21.96
Previous Monthly High 23.44
Previous Monthly Low 21.42
Daily Fibonacci 38.2% 22.4
Daily Fibonacci 61.8% 22.32
Daily Pivot Point S1 22.27
Daily Pivot Point S2 22.07
Daily Pivot Point S3 21.94
Daily Pivot Point R1 22.6
Daily Pivot Point R2 22.72
Daily Pivot Point R3 22.92

 

 

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