- Silver prices lack upside momentum following its pullback from $26.20.
- Lower high, overbought RSI keeps the sellers hopeful, $23.30 acts as immediate support.
- Fresh upside past-$26.20 will aim for the early-April, 2013 top.
Silver prices ease to $24.22, down 0.37% on a day, during the initial trading session on Thursday. The white metal has been stepping backward from ever since it surged to the highest since in seven years on Tuesday. Also increasing the odds of the bullion’s further weakness is overbought RSI conditions and a short-term lower high pattern. Though, bullish MACD keeps restricting the bears’ entries.
As a result, sellers are likely to wait for further confirmation and may cheer downside break of $24.00 to aim for $23.30, comprising Wednesday’s low and last Thursday's high. Following that, lows marked on Tuesday and July 23 could challenge further declines around $22.30/25.
In a case where the quote remains weak past-$22.25, an ascending trend line from April 14, at $21.55 now, will be in the spotlight.
Meanwhile, $25 and $26.00 may offer immediate upside barriers during the metal’s fresh rise ahead of the latest multi-year high of $26.20.
If the bulls remain dominant past-$26.20, low of April 04, 2013, around $26.65 will become the buyers’ favorite.
Silver daily chart
Trend: Pullback expected
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.
Recommended content
Editors’ Picks
AUD/USD dips below 0.6600 following RBA’s decision
The Australian Dollar registered losses of around 0.42% against the US Dollar on Tuesday, following the RBA's monetary policy decision to keep rates unchanged. However, it was perceived as a dovish decision. As Wednesday's Asian session began, the AUD/USD trades near 0.6591.
EUR/USD edges lower to near 1.0750 after hawkish remarks from a Fed official
EUR/USD extends its losses for the second successive session, trading around 1.0750 during the Asian session on Wednesday. The US Dollar gains ground due to the expectations of the Federal Reserve’s prolonging higher interest rates.
Gold wanes as US Dollar soars, unfazed by lower US yields
Gold price slipped during the North American session, dropping around 0.4% amid a strong US Dollar and falling US Treasury bond yields. A scarce economic docket in the United States would keep investors focused on Federal Reserve officials during the week after last Friday’s US employment report.
Solana FireDancer validator launches documentation website, SOL price holds 23% weekly gains
Solana network has been sensational since the fourth quarter (Q4) of 2023, making headlines with a series of successful meme coin launches that outperformed their peers.
Living vicariously through rate cut expectations
U.S. stock indexes made gains on Tuesday as concerns about an overheating U.S. economy ease, particularly with incoming economic reports showing data surprises at their most negative levels since February of last year.