- Silver extends pullback from 100-DMA, refreshes intraday low.
- Bears can aim for 200-DMA, steady RSI suggests further grinding.
Silver (XAG/USD) takes offers around $26.20, down 0.20% intraday, to refresh the day’s low during Thursday’s Asian session.
The white metal refreshed the weekly top to pierce 100-DMA the previous day but couldn’t cross the key moving average on the daily closing basis.
The pullback moves take clues from the sidelined RSI indicator to stay between the 100-DMA and 200-DMA.
Hence, the latest declines have a further downside gap before hitting the range support, namely the 200-DMA level of $25.85. Also likely to challenge the silver bears is June’s low near $25.50.
Meanwhile, a daily closing beyond the 100-DMA level of $26.40 needs to refresh the monthly top, currently around $26.80, before giving controls to the buyers.
Following that, the early June’s low near $27.00 can act as an additional filter to the north.
Overall, silver prices remain subdued inside the key DMA envelope.
Silver: Daily chart
Additional important levels
|Today last price||26.2|
|Today Daily Change||-0.05|
|Today Daily Change %||-0.19%|
|Today daily open||26.25|
|Previous Daily High||26.46|
|Previous Daily Low||25.94|
|Previous Weekly High||26.78|
|Previous Weekly Low||25.76|
|Previous Monthly High||28.56|
|Previous Monthly Low||25.52|
|Daily Fibonacci 38.2%||26.27|
|Daily Fibonacci 61.8%||26.14|
|Daily Pivot Point S1||25.97|
|Daily Pivot Point S2||25.7|
|Daily Pivot Point S3||25.45|
|Daily Pivot Point R1||26.49|
|Daily Pivot Point R2||26.74|
|Daily Pivot Point R3||27.02|
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