• Silver pares Friday’s recovery moves from two-year lows.
  • Bears cross on MACD, one-week-old descending trend channel keep sellers hopeful.
  • 100-HMA adds to the upside filters, late 2019 high lures bears on breaking $20.00 support.

Silver (XAG/USD) remains on the back foot around the intraday low surrounding $21.00, fading the previous day’s recovery moves ahead of Monday’s European session.

In doing so, the bright metal justifies a bearish crossover on the MACD, as well as a one-week-long falling channel bearish chart formation.

That said, sellers await a clear downside break of the $21.00 before progressing towards the recent multi-month low, around $20.45.

However, the lower line of the aforementioned channel, near $20.25, will precede the $20.00 psychological magnet to challenge the XAG/USD’s short-term downside.

In a case where silver bears keep reins past $20.00, a late 2019 high surrounding $19.60 will be in focus.

Alternatively, the upper line of the stated falling channel and the 100-HMA, respectively near $21.20 and $21.30, guard short-term recovery moves of the bullion.

Following that, XAG/USD bulls may approach the $22.00 and the monthly high around $23.30.

To sum up, silver prices remain pressured around a multi-month low despite the previous day’s corrective pullback.

Silver: Hourly chart

Trend: Further weakness expected

Additional important levels

Overview
Today last price 21.01
Today Daily Change -0.11
Today Daily Change % -0.52%
Today daily open 21.12
 
Trends
Daily SMA20 23.05
Daily SMA50 24.32
Daily SMA100 23.87
Daily SMA200 23.63
 
Levels
Previous Daily High 21.12
Previous Daily Low 20.46
Previous Weekly High 22.37
Previous Weekly Low 20.46
Previous Monthly High 26.22
Previous Monthly Low 22.68
Daily Fibonacci 38.2% 20.87
Daily Fibonacci 61.8% 20.71
Daily Pivot Point S1 20.67
Daily Pivot Point S2 20.23
Daily Pivot Point S3 20.01
Daily Pivot Point R1 21.34
Daily Pivot Point R2 21.56
Daily Pivot Point R3 22

 

 

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