- Silver stays heavy near recently flashed three-day low.
- 100-bar SMA, multiple levels marked since late-December probe the bulls.
- 200-bar SMA, weekly support lure the silver sellers.
Silver remains offered near the intraday low of $25.60, currently down 1.1% near $25.70, during Friday’s Asian session. In doing so, the white metal justifies its pullback from the key $25.90-$26.00 resistance area while probing Wednesday’s low.
Considering the quote’s sustained reversal from multiple highs and lows marked since December 27, as well as 100-bar SMA, coupled with the downward sloping RSI, silver prices are likely to remain pressured.
However, a confluence of 200-bar SMA and an upward sloping trend line from Monday, near $25.53-48, will offer a tough fight to the commodity sellers.
If at all the bullion bears dominate past-$25.48, the monthly low of $24.18 will should return to the charts. During the fall, the $25.00 can offer an intermediate halt.
On the flip side, a clear run-up past-$26.00 will direct silver buyers toward a one-month-old horizontal resistance near $26.75.
It should, however, be noted that the silver bull’s ability to conquer the $26.75 hurdle enables them to refresh the monthly peak beyond $27.92.
Silver four-hour chart
Trend: Pullback expected
Additional important levels
|Today last price||25.7|
|Today Daily Change||-0.28|
|Today Daily Change %||-1.08%|
|Today daily open||25.98|
|Previous Daily High||26.05|
|Previous Daily Low||25.64|
|Previous Weekly High||25.89|
|Previous Weekly Low||24.34|
|Previous Monthly High||27.41|
|Previous Monthly Low||22.59|
|Daily Fibonacci 38.2%||25.89|
|Daily Fibonacci 61.8%||25.8|
|Daily Pivot Point S1||25.73|
|Daily Pivot Point S2||25.48|
|Daily Pivot Point S3||25.32|
|Daily Pivot Point R1||26.14|
|Daily Pivot Point R2||26.3|
|Daily Pivot Point R3||26.54|
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