- Silver prices remains sidelined after snapping four-day downtrend.
- Bearish chart pattern, downbeat MACD signals keep sellers hopeful.
- 100-HMA, weekly horizontal resistance adds to the upside filter.
Silver (XAG/USD) struggles to extend recovery moves from a two-year low inside immediate bearish pennant formation, taking rounds to $21.50 during Thursday’s Asian session.
In addition to a two-day-old bearish chart pattern, sluggish MACD signals also hint at a lack of buying momentum, which in turn keeps sellers waiting for a trigger to take fresh entry.
As a result, a downside break of the stated pennant’s support of around $21.40 will serve as the short-term key level to watch for fresh short positions.
Following that, the recent low of $21.18 and the $21.00 round figure may entertain traders ahead of directing them to the $20.00 threshold.
Meanwhile, recovery moves will have a tough time crossing the $22.00 level comprising the pennant’s upper line and the 100-HMA.
Also challenging the XAG/USD buyers is a weekly horizontal area surrounding $22.10-15.
Should silver buyers keep reins past $22.15, multiple hurdles near $22.85, $23.00 and the monthly peak of $23.28 could flash on their radars.
Silver: Hourly chart
Trend: Further weakness expected
Additional important levels
|Today last price||21.57|
|Today Daily Change||0.30|
|Today Daily Change %||1.41%|
|Today daily open||21.27|
|Previous Daily High||22.1|
|Previous Daily Low||21.19|
|Previous Weekly High||23.28|
|Previous Weekly Low||22.1|
|Previous Monthly High||26.22|
|Previous Monthly Low||22.68|
|Daily Fibonacci 38.2%||21.54|
|Daily Fibonacci 61.8%||21.75|
|Daily Pivot Point S1||20.94|
|Daily Pivot Point S2||20.61|
|Daily Pivot Point S3||20.03|
|Daily Pivot Point R1||21.85|
|Daily Pivot Point R2||22.43|
|Daily Pivot Point R3||22.76|
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