• 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

Trend: Bearish


Today last price 21.18
Today Daily Change 0.03
Today Daily Change % 0.14
Today daily open 21.15
Daily SMA20 21.69
Daily SMA50 22.26
Daily SMA100 23.47
Daily SMA200 23.33
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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