• 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

Overview
Today last price 21.57
Today Daily Change 0.30
Today Daily Change % 1.41%
Today daily open 21.27
 
Trends
Daily SMA20 23.72
Daily SMA50 24.58
Daily SMA100 23.92
Daily SMA200 23.7
 
Levels
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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