- Silver bears take a breather after the heaviest daily fall in three months.
- Key support lines from early 2021 and late 2020 challenges further downside.
- 50-DMA guards recovery moves, yearly support eyed during further weakness.
Silver (XAG/USD) licks its wounds around $22.90 during Friday’s Asian session, after declining the most on a day since mid-June the previous day.
Although bearish MACD and sustained trading below 50-DMA, coupled with an absence of oversold RSI, keeps silver sellers hopeful, an ascending trend line from September 2020 and a downward sloping support line from January 2021 challenge the quote’s immediate fall.
Should the commodity prices manage to stay pressured below $22.90 and $22.65 supports, the yearly low near $22.15 should return to the chart.
Following that, lows marked during November and September 2020, respectively around $21.90 and $21.65, will be in focus.
Meanwhile, corrective pullback needs to cross the early week low surrounding $23.40 to consolidate the recent losses.
Even so, silver bulls remain worried unless witnessing a clear upside break of 50-DMA level of $24.40. During the recovery moves, $24.00 may act as a buffer.
Silver: Daily chart
Trend: Further weakness expected
Additional important levels
|Today last price||22.9|
|Today Daily Change||-0.94|
|Today Daily Change %||-3.94%|
|Today daily open||23.84|
|Previous Daily High||23.91|
|Previous Daily Low||23.67|
|Previous Weekly High||24.82|
|Previous Weekly Low||23.73|
|Previous Monthly High||26|
|Previous Monthly Low||22.17|
|Daily Fibonacci 38.2%||23.76|
|Daily Fibonacci 61.8%||23.82|
|Daily Pivot Point S1||23.7|
|Daily Pivot Point S2||23.56|
|Daily Pivot Point S3||23.45|
|Daily Pivot Point R1||23.95|
|Daily Pivot Point R2||24.05|
|Daily Pivot Point R3||24.2|
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