- Silver prices fail to cross 21/50-day EMA confluence, sellers attack $24.00.
- Normal RSI conditions, sustained trading below the key EMAs keep sellers hopeful.
- 1.5-month-old falling trend line adds to the upside barriers.
Silver prices remain on the back foot despite a recent bounce off $23.98, currently down 0.71% around $24.08, during early Thursday. The while metal flashed a bullish spinning top candlestick on the previous day while bouncing off one week low. However, the recovery moved failed to cross a joint of 21-day and 50-day EMA, which in turn favors the bears amid normal RSI conditions.
As a result, sellers are currently targeting an upward sloping support line from September 24, at $23.90, a break of which could challenge the monthly bottom surrounding $22.87.
However, the $23.00 round-figure may offer an intermediate halt during the downside whereas the previous month’s bottom surrounding $21.65 will attack further selling of the bullion.
Meanwhile, an upside clearance of EMA confluence near $24.50/55 isn’t enough for the bull’s entry as a falling trend line from September 01, at $24.90, followed by the $25.00 threshold can probe silver’s upside moves.
In a case where the bulls dominate past-$25.00, the monthly high of $25.56 and the early September low near $25.85 will be in the spotlight.
Silver daily chart
Trend: Further downside expected
Additional important levels
|Today last price||24.07|
|Today Daily Change||-0.19|
|Today Daily Change %||-0.78%|
|Today daily open||24.26|
|Previous Daily High||24.64|
|Previous Daily Low||23.88|
|Previous Weekly High||25.18|
|Previous Weekly Low||22.88|
|Previous Monthly High||28.9|
|Previous Monthly Low||21.66|
|Daily Fibonacci 38.2%||24.35|
|Daily Fibonacci 61.8%||24.17|
|Daily Pivot Point S1||23.88|
|Daily Pivot Point S2||23.5|
|Daily Pivot Point S3||23.12|
|Daily Pivot Point R1||24.64|
|Daily Pivot Point R2||25.02|
|Daily Pivot Point R3||25.4|
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.