- Silver edges higher around monthly top, keeps recovery moves from August 08.
- 200-SMA, five-week-old horizontal area test short-term buyers ahead of descending resistance line from July.
- Pullback in Momentum line probe bulls near crucial resistance levels.
- Bears need to wait for a clear break of one-month-old support line.
Silver (XAG/USD) buyers take a breather around the monthly peak above $24.00, near $24.14 during Thursday’s Asian session.
In doing so, the bright metal holds onto the recovery moves from yearly low, flashed during early August even as a pullback in Momentum line challenges the buyers.
It’s worth noting that 200-SMA and a horizontal area comprising multiple levels marked since July 27, respectively around $24.35 and $24.40–50, adds to the silver bull’s hardships.
Even if the commodity prices rally beyond $24.50, a descending resistance line from late July 06, near $24.80, will be a tough nut to crack before confirming the bullish impulse.
Meanwhile, the recent swing low of $23.75 and monthly support line near $23.60 challenge the quote’s pullback moves.
However, a clear downside break of $23.60 won’t hesitate to direct silver bears towards the yearly bottom surrounding $22.15 while also taking a breather around the $22.85 level comprising the August 20 low.
Silver: Four-hour chart
Trend: Pullback expected
Additional important levels
|Today last price||24.15|
|Today Daily Change||0.26|
|Today Daily Change %||1.09%|
|Today daily open||23.89|
|Previous Daily High||24.21|
|Previous Daily Low||23.81|
|Previous Weekly High||24.12|
|Previous Weekly Low||22.98|
|Previous Monthly High||26|
|Previous Monthly Low||22.17|
|Daily Fibonacci 38.2%||23.96|
|Daily Fibonacci 61.8%||24.05|
|Daily Pivot Point S1||23.73|
|Daily Pivot Point S2||23.57|
|Daily Pivot Point S3||23.33|
|Daily Pivot Point R1||24.13|
|Daily Pivot Point R2||24.37|
|Daily Pivot Point R3||24.53|
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