• Silver grinds higher around one-month high, stays inside bearish chart pattern.
  • 200-DMA, 14-week-old resistance line challenge immediate upside, bullish MACD favor buyers.
  • Bears need validation from $23.70 while 50% Fibonacci retracement acts as another strong support.

After rising for three consecutive weeks, silver (XAG/USD) prices remain on the front foot around $24.00 during Monday’s Asian session.

In doing so, the bright metal pokes the highest levels last seen on January 24 while taking rounds to 61.8% Fibonacci retracement of November-December 2021 downside.

It should be noted, however, that the bullish MACD signals keep silver buyers hopeful to refresh monthly top.

That said, the 200-DMA and a descending trend line from late November, respectively around $24.25 and $24.35, become tough nuts to crack for the XAG/USD bulls.

Following that, the upper line of a three-week-old rising wedge bearish chart pattern and January’s peak, near $24.50 and $24.70 in that order, will challenge the commodity buyers.

Alternatively, a clear downside break of the 61.8% Fibo. level near $23.90 will attack the wedge’s lower line, near $23.70 at the latest.

Also acting as the key support is the $23.40 level comprising highs marked during late December and early January, as well as 50% Fibonacci retracement.

Should the silver bears manage to keep reins past $23.40, the 2022 bottom surrounding $21.95 will be in focus.

Silver: Daily chart

Trend: Pullback expected

Additional important levels

Overview
Today last price 24
Today Daily Change 0.08
Today Daily Change % 0.33%
Today daily open 23.92
 
Trends
Daily SMA20 23.2
Daily SMA50 23.02
Daily SMA100 23.29
Daily SMA200 24.27
 
Levels
Previous Daily High 24.09
Previous Daily Low 23.68
Previous Weekly High 24.09
Previous Weekly Low 23.08
Previous Monthly High 24.7
Previous Monthly Low 21.96
Daily Fibonacci 38.2% 23.93
Daily Fibonacci 61.8% 23.84
Daily Pivot Point S1 23.71
Daily Pivot Point S2 23.5
Daily Pivot Point S3 23.31
Daily Pivot Point R1 24.11
Daily Pivot Point R2 24.3
Daily Pivot Point R3 24.52

 

 

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