- Silver refreshes intraday low, snaps four-day uptrend amid a quiet day.
- Bearish candlestick at multi-day top backs further weakness below short-term key horizontal resistance.
Silver extends pullback from the multi-day top, flashed the previous day, while declining to $28.09, down 0.38% on a day during early Wednesday.
The white metal jumped to the highest since February 02 on Tuesday before reversing from $28.75. In doing so, the precious metal fails to provide a daily closing beyond the $28.30-35 horizontal hurdle, also portraying a bearish candlestick, gravestone Doji, on the daily chart.
Given the trend reversal suggesting candlestick near multi-day high, followed by a daily closing below the key hurdle, silver may witness further downside towards retesting the early month top near $27.88.
However, the quote’s weakness past-$27.88 will be tested by an ascending support line from March 31, around $26.90.
Meanwhile, the $28.30-35 area guards the bullion’s short-term upside ahead of the previous day‘s high near $28.75 and the $29.00 threshold.
Should silver buyers keep the reins beyond $29.00, the yearly peak surrounding the $30.00 psychological magnet will be in the spotlight.
Silver daily chart
Trend: Pullback expected
Additional important levels
|Today last price||28.11|
|Today Daily Change||-0.08|
|Today Daily Change %||-0.28%|
|Today daily open||28.19|
|Previous Daily High||28.75|
|Previous Daily Low||28.01|
|Previous Weekly High||27.88|
|Previous Weekly Low||26.72|
|Previous Monthly High||26.64|
|Previous Monthly Low||24.25|
|Daily Fibonacci 38.2%||28.47|
|Daily Fibonacci 61.8%||28.29|
|Daily Pivot Point S1||27.88|
|Daily Pivot Point S2||27.57|
|Daily Pivot Point S3||27.14|
|Daily Pivot Point R1||28.63|
|Daily Pivot Point R2||29.06|
|Daily Pivot Point R3||29.37|
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