• Silver drifted lower for the fifth successive day and dropped to an over one-week low on Thursday.
  • Some follow-through selling below the $23.00 mark will set the stage for further near-term losses.
  • Any attempted recovery move is likely to confront a stiff resistance near the 38.2% Fibo. level.

Silver extended its recent rejection slide from the very important 200-day SMA and witnessed some follow-through selling for the fifth successive day on Thursday. The downward trajectory dragged the white metal to the $23.00 neighbourhood, or a one-and-half-week low during the mid-European session.

The aforementioned handle coincides with the 50% Fibonacci retracement level of the $21.43-$24.70 strong move up. Given that technical indicators on the daily chart have just started drifting into the negative territory, a convincing break below will now be seen as a fresh trigger for bearish traders.

Some follow-through selling below last week's swing low, around the $22.80 area, will reaffirm the negative outlook and prompt aggressive technical selling. The XAG/USD might then turn vulnerable to accelerate the fall towards the $22.20 intermediate support en-route the $22.00 round-figure mark.

On the flip side, any meaningful recovery attempt might now confront stiff resistance and remain capped near the 38.2% Fibo. level, around the $23.40-$23.45 zone. Some follow-through buying might trigger a short-covering move towards the $24.00 mark, representing the 23.6% Fibo. level resistance.

Silver daily chart


Technical levels to watch


Today last price 23.18
Today Daily Change -0.32
Today Daily Change % -1.36
Today daily open 23.5
Daily SMA20 23.23
Daily SMA50 23
Daily SMA100 23.25
Daily SMA200 24.58
Previous Daily High 23.98
Previous Daily Low 23.45
Previous Weekly High 24.7
Previous Weekly Low 22.81
Previous Monthly High 23.44
Previous Monthly Low 21.42
Daily Fibonacci 38.2% 23.65
Daily Fibonacci 61.8% 23.77
Daily Pivot Point S1 23.3
Daily Pivot Point S2 23.11
Daily Pivot Point S3 22.77
Daily Pivot Point R1 23.84
Daily Pivot Point R2 24.17
Daily Pivot Point R3 24.37



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