- Silver remains on the front foot around intraday high.
- Sustained trading above 200-HMA, strong RSI back further upside.
- Sellers need to defy the channel formation for fresh entries.
Silver (XAG/USD) rises 0.20% on a day, around the intraday high of $26.45, amid Friday’s Asian session. In doing so, the white metal stays bid inside a one-week-old ascending trend channel formation.
Also favoring the commodity buyers is the solid RSI line, not overbought, as well as the successful trading above 200-HMA.
Hence, the quote’s further upside towards the channel’s resistance of $26.60 can’t be ruled out. However, the RSI might have turned overbought by then and triggered the quote’s pullback, if not then the monthly high of $26.77 will be in focus.
If at all the silver buyers dominate past $26.77, early June’s low near the $27.00 round figure should be watched closely for extra bullish catalysts.
On the flip side, 200-HMA and the stated channel’s support, respectively near $26.15 and $26.05, quickly followed by the $26.00 round figure, could test the short-term declines.
Though, a clear downside below $26.00 won’t hesitate to drag the silver prices towards June’s low near $25.55.
Silver: Hourly chart
Trend: Further upside expected
Additional important levels
|Today last price||26.39|
|Today Daily Change||0.05|
|Today Daily Change %||0.19%|
|Today daily open||26.34|
|Previous Daily High||26.4|
|Previous Daily Low||26.16|
|Previous Weekly High||26.78|
|Previous Weekly Low||25.76|
|Previous Monthly High||28.56|
|Previous Monthly Low||25.52|
|Daily Fibonacci 38.2%||26.31|
|Daily Fibonacci 61.8%||26.25|
|Daily Pivot Point S1||26.2|
|Daily Pivot Point S2||26.06|
|Daily Pivot Point S3||25.96|
|Daily Pivot Point R1||26.44|
|Daily Pivot Point R2||26.54|
|Daily Pivot Point R3||26.67|
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