• Silver refreshes intraday high, extends bounce off six-week low.
  • Bearish MACD signals, sustained break of two-month-old previous support line favor sellers.
  • Multiple levels from August restrict immediate downside, September’s bottom lure bears.

Silver (XAG/USD) consolidates monthly losses around the lowest levels since mid-October during early Monday.

The bright metal dropped to the multi-day low following the previous week’s clear downside break of an ascending trend line from September 29 and 50-DMA. However, a three-month-old horizontal support area triggered the quote’s latest bounce.

Even so, bearish MACD signals and sustained trading below the stated support-turned-resistance line keep XAG/USD sellers hopeful.

That said, the 38.2% Fibonacci retracement (Fibo.) level of July-September downside and 50-DMA, respectively around $23.50 and $23.60, limit the commodity’s rebound

Should the silver buyers manage to cross the $23.60 hurdle, 50% Fibo. level of $24.10 and the stated previous support line, around $24.20 by the press time, will be in focus.

Alternatively, the $22.91-85 support area becomes the key challenge for the short-term sellers ahead of August month’s low near $22.20 and the $22.00 threshold.

Given the silver bears stay on the front foot past $22.00, the yearly bottom surrounding $21.40 may challenge the commodity bears before directing them to the $20.00 psychological magnet.

Silver: Daily chart

Trend: Bearish

additional important levels

Overview
Today last price 23.42
Today Daily Change 0.31
Today Daily Change % 1.34%
Today daily open 23.11
 
Trends
Daily SMA20 24.28
Daily SMA50 23.56
Daily SMA100 23.98
Daily SMA200 25.22
 
Levels
Previous Daily High 23.73
Previous Daily Low 22.92
Previous Weekly High 24.89
Previous Weekly Low 22.92
Previous Monthly High 24.83
Previous Monthly Low 22
Daily Fibonacci 38.2% 23.23
Daily Fibonacci 61.8% 23.42
Daily Pivot Point S1 22.78
Daily Pivot Point S2 22.44
Daily Pivot Point S3 21.96
Daily Pivot Point R1 23.59
Daily Pivot Point R2 24.07
Daily Pivot Point R3 24.4

 

 

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