- Silver fades Friday’s corrective pullback from six-week low.
- Convergence of the 61.8% Fibonacci retracement, 20-SMA challenges the buyers.
- Monthly bearish channel joins steady RSI to keep sellers hopeful.
Silver (XAG/USD) prices remain pressured around a 1.5-month low as sellers attack the $21.00 threshold during Monday’s Asian session.
In doing so, the brighter metal pulls back from a convergence of the 61.8% Fibonacci retracement of May 13 to June 06 upside, as well as the 20-SMA, around $21.25.
Also keeping the sellers hopeful is the metal’s failure to cross a weekly resistance line, around $21.25 by the press time, not to forget the downward sloping trend channel from June 01.
That said, the XAG/USD bears may aim for the $21.00 as immediate support ahead of the yearly low near $2.45.
Following that, the stated channel’s lower line, near $20.40, precedes the $20.00 psychological magnet to lure the sellers.
Alternatively, a clear upside break of the $21.25 resistance confluence guards the short-term upside momentum of the silver prices.
Even if the bullion rises past $21.25, the aforementioned channel’s resistance line, at $21.60 by the press time, will be crucial for the short-term XAG/USD buyers as a break of which could direct the advances towards the monthly high near $22.50.
Silver: Four-hour chart
|Today last price||21.18|
|Today Daily Change||0.03|
|Today Daily Change %||0.14|
|Today daily open||21.15|
|Previous Daily High||21.22|
|Previous Daily Low||20.62|
|Previous Weekly High||21.94|
|Previous Weekly Low||20.62|
|Previous Monthly High||23.28|
|Previous Monthly Low||20.46|
|Daily Fibonacci 38.2%||20.99|
|Daily Fibonacci 61.8%||20.85|
|Daily Pivot Point S1||20.77|
|Daily Pivot Point S2||20.39|
|Daily Pivot Point S3||20.16|
|Daily Pivot Point R1||21.38|
|Daily Pivot Point R2||21.6|
|Daily Pivot Point R3||21.99|
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