• Silver portrays corrective pullback after refreshing eight-day low.
  • Clear break of six-week-old ascending trend line joins impending bear cross on MACD to favor sellers.
  • 10-DMA, three-week-old descending trend line adds to the upside filters.

Silver (XAG/USD) regains $21.00 amid a corrective pullback near the weekly low. Even so, the bright metal keeps the downside break of the previous key support line during Friday’s Asian session.

In addition to the support-turned-resistance from mid-May, around $21.10, a looming bear cross on the MACD and downbeat RSI also hint at the quote’s further downside.

Even if the XAG/USD manages to cross the $21.10 hurdle, the 10-DMA and a downward sloping trend line from May 06 could challenge the buyers around $21.40 and $21.75.

It’s worth noting, however, that the metal’s run-up beyond $21.75 enables it to rally towards the monthly high of $22.51.

On the flip side, the monthly low near $20.90 appears to be the immediate support for the silver traders to watch ahead of targeting the yearly bottom surrounding $20.45.

Following that, the $20.00 psychological manget could entertain XAG/USD bears before directing them to the 61.8% Fibonacci Expansion (FE) of the metal’s moves during late April to early June, around $19.40.

Overall, the metal’s rebound appears less convincing until the prices stay below $21.75.

Silver: Daily chart

Trend: Further downside expected

Additional important levels

Today last price 21.04
Today Daily Change -0.38
Today Daily Change % -1.77%
Today daily open 21.42
Daily SMA20 21.79
Daily SMA50 22.45
Daily SMA100 23.5
Daily SMA200 23.35
Previous Daily High 21.69
Previous Daily Low 21.24
Previous Weekly High 22.02
Previous Weekly Low 20.9
Previous Monthly High 23.28
Previous Monthly Low 20.46
Daily Fibonacci 38.2% 21.41
Daily Fibonacci 61.8% 21.52
Daily Pivot Point S1 21.21
Daily Pivot Point S2 21
Daily Pivot Point S3 20.75
Daily Pivot Point R1 21.66
Daily Pivot Point R2 21.9
Daily Pivot Point R3 22.11



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