- Silver steps back from intraday top, stays mildly bid.
- Sustained trading above the key SMAs and trend line support favor silver buyers.
- Bears need to conquer five-week-old horizontal support for conviction.
Silver (XAG/USD) consolidates the previous day’s heavy losses, the biggest since March 30, around $27.18, up 0.47% intraday, during early Thursday.
Even so, the bright metal eases from the intraday high while struggling to keep the rebound from 50-SMA.
Although downbeat RSI and challenges to market sentiment suggest further weakness of the commodity prices, 50-SMA level of $27.00 and an ascending support line from March 31, close to $26.50, restrict silver’s short-term downside.
Also acting as the strong filters to the south is 200-SMA near $25.85 and a horizontal line comprising early April tops and lows marked during late last month, near $25.60.
It should, however, be noted that the weekly resistance line surrounding $27.45-50 guards the metal’s immediate recovery moves.
If at all the silver bulls keep remains above $27.50, the monthly peak around $27.90 and the $28.00 round figure may test the quote’s further upside.
Silver four-hour chart
Additional important levels
|Today last price||27.17|
|Today Daily Change||0.13|
|Today Daily Change %||0.48%|
|Today daily open||27.04|
|Previous Daily High||27.7|
|Previous Daily Low||26.96|
|Previous Weekly High||27.68|
|Previous Weekly Low||25.81|
|Previous Monthly High||26.64|
|Previous Monthly Low||24.25|
|Daily Fibonacci 38.2%||27.24|
|Daily Fibonacci 61.8%||27.41|
|Daily Pivot Point S1||26.76|
|Daily Pivot Point S2||26.49|
|Daily Pivot Point S3||26.02|
|Daily Pivot Point R1||27.51|
|Daily Pivot Point R2||27.97|
|Daily Pivot Point R3||28.25|
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