- Silver prices remain pressured for the eight consecutive days.
- Weekly support line and 138.2% Fibonacci retracement join oversold RSI conditions to test bears.
- Recovery moves remain elusive until the quote stays below $24.15.
Silver (XAG/USD) drops to the lowest levels since late February as it portrays the eight-day downtrend during Monday’s Asian session. That said, the bright metal prints 0.55% intraday losses as bears attack the $22.65-60 support zone at the latest.
A clear downside break of an ascending trend line from February 24 triggered the bright metals south-run during late April. The downside momentum also gained support from the sustained trading below the 200-SMA. However, oversold RSI conditions have triggered intermediate bounces of the XAG/USD.
The bullion’s latest weakness is also prone to a corrective pullback as RSI (14) turns down to 30.00. Also challenging the bears is the convergence of the 138.2% Fibonacci retracement of February 24 to March 08 upside and a one-week-old descending trend line near $22.65-60.
Even so, the recovery moves remain elusive until crossing the previous support line from late February, around $24.15 by the press time.
On an immediate basis, a downward sloping resistance line from April 18, close to $23.40 at the latest, can test the short-term rebound.
Alternatively, a downside break of the $22.60 will make the silver price vulnerable to testing the 161.8% Fibonacci retracement level surrounding $21.95.
Silver: Four-hour chart
Trend: Corrective pullback expected
Additional important levels
|Today last price||22.67|
|Today Daily Change||-0.12|
|Today Daily Change %||-0.53%|
|Today daily open||22.79|
|Previous Daily High||23.56|
|Previous Daily Low||22.68|
|Previous Weekly High||24.18|
|Previous Weekly Low||22.68|
|Previous Monthly High||26.22|
|Previous Monthly Low||22.68|
|Daily Fibonacci 38.2%||23.02|
|Daily Fibonacci 61.8%||23.23|
|Daily Pivot Point S1||22.46|
|Daily Pivot Point S2||22.13|
|Daily Pivot Point S3||21.58|
|Daily Pivot Point R1||23.34|
|Daily Pivot Point R2||23.9|
|Daily Pivot Point R3||24.23|
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