- Silver takes offers to refresh intraday low, snaps three-day uptrend.
- 10-DMA, one-month-old falling trend line restricts immediate downside.
- Sluggish Momentum line challenge bearish moves towards yearly low.
- Bulls need validation from $22.90 for fresh entries.
Silver (XAG/USD) prices print the day’s fresh low around $22.50, down 0.80% intraday while marking the first daily fall in four during early Tuesday.
Although failures to cross a six-week-old horizontal hurdle keeps XAG/USD sellers hopeful, a convergence of the 10-DMA and previous resistance line from early September, near $22.40, challenges the quote’s immediate declines.
Even if the bears manage to conquer the $22.40 strong support, the $22.00 threshold will add to the downside filters before dragging the metal towards the yearly low of $21.42.
It should be noted that the weaker Momentum line portrays the traders’ indecision, challenging the latest pullback.
However, the recovery moves need to cross the stated horizontal resistance near $22.90 to direct the silver buyers towards the $23.30 hurdle comprising lows marked during late August and early September.
Above all, silver’s bearish trajectory, as indicated by descending resistance line from July 6, around $23.90 by the press time, remains intact.
Silver: Daily chart
Trend: Pullback expected
Additional important levels
|Today last price||22.5|
|Today Daily Change||-0.18|
|Today Daily Change %||-0.79%|
|Today daily open||22.68|
|Previous Daily High||22.78|
|Previous Daily Low||22.28|
|Previous Weekly High||22.85|
|Previous Weekly Low||21.42|
|Previous Monthly High||24.87|
|Previous Monthly Low||21.42|
|Daily Fibonacci 38.2%||22.59|
|Daily Fibonacci 61.8%||22.47|
|Daily Pivot Point S1||22.38|
|Daily Pivot Point S2||22.09|
|Daily Pivot Point S3||21.89|
|Daily Pivot Point R1||22.88|
|Daily Pivot Point R2||23.08|
|Daily Pivot Point R3||23.38|
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