• 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

Today last price 22.52
Today Daily Change 0.05
Today Daily Change % 0.22%
Today daily open 22.47
Daily SMA20 22.65
Daily SMA50 23.22
Daily SMA100 23.31
Daily SMA200 24.7
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



Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.

If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.

FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.

The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.

Feed news Join Telegram

Recommended content

Recommended content

Editors’ Picks

EUR/USD extends slide toward mid-1.0200s after US data

EUR/USD extends slide toward mid-1.0200s after US data

EUR/USD continues to decline toward 1.0250 during the American trading hours on Friday. After the data published by the UOM showed that the long-run inflation outlook rose to 3% in August from 2.9% in July, the dollar gathered strength against its rivals, weighing on the pair.


GBP/USD pushes lower 1.2100 on broad dollar strength

GBP/USD pushes lower 1.2100 on broad dollar strength

GBP/USD is trading deep in negative territory near 1.2100 during the American session on Friday. With the UoM's Consumer Sentiment Survey pointing to a modest increase in the long-run inflation outlook, the US Dollar Index extended its rally, reflecting a broad dollar strength.


Gold clings to modest gains above $1,790

Gold clings to modest gains above $1,790

Gold stays relatively resilient on Friday and trades modestly higher on the day above $1,790. Although the greenback continues to outperform its rivals on the latest US data, falling US Treasury bond yields help XAU/USD hold in positive territory.

Gold News

Shiba Inu ready to go ballistic: Shiba Eternity released in Vietnam

Shiba Inu ready to go ballistic: Shiba Eternity released in Vietnam

Shytoshi Kusama, the project leader of Shiba Inu announced the launch of Shiba Eternity for Vietnamese players. The game is available for testing and the team has asked users for their review. 

Read more

FXStreet Premium users exceed expectations

FXStreet Premium users exceed expectations

Tap into our 20 years Forex trading experience and get ahead of the markets. Maximize our actionable content, be part of our community, and chat with our experts. Join FXStreet Premium today!