- Silver prices remain pressured around intraday low, down for third consecutive day.
- Multiple levels marked since September 2021 limited immediate downside ahead of $21.42.
- Three-week-old descending trend line, bearish MACD signals challenge recovery moves.
Silver (XAG/USD) prices stay on the back foot at around $22.25, printing a three-day downtrend during Monday’s Asian session.
In doing so, the bright metal fades the previous week’s bounce off the short-term crucial horizontal support stretched from September 2021, surrounding $22.10-22.00.
Given the bearish MACD signals and the commodity’s failure to rebound, the quote is likely to retest the aforementioned horizontal support near $22.00.
However, the quote’s further downside will be challenged double bottoms marked during late 2021 around $21.42.
On the contrary, recovery moves, if any, need to cross the downward sloping trend line from April 18, close to $22.90, to convince short-term buyers to challenge the previous week’s top near $23.30. Also acting as a short-term key hurdle is the 200-DMA level of $23.72.
Overall, silver prices remain directed towards the south but there prevails limited room for bears.
Silver: Daily chart
Trend: Further declines expected
Additional important levels
|Today last price||22.24|
|Today Daily Change||-0.12|
|Today Daily Change %||-0.54%|
|Today daily open||22.36|
|Previous Daily High||22.64|
|Previous Daily Low||22.1|
|Previous Weekly High||23.28|
|Previous Weekly Low||22.1|
|Previous Monthly High||26.22|
|Previous Monthly Low||22.68|
|Daily Fibonacci 38.2%||22.31|
|Daily Fibonacci 61.8%||22.44|
|Daily Pivot Point S1||22.09|
|Daily Pivot Point S2||21.83|
|Daily Pivot Point S3||21.55|
|Daily Pivot Point R1||22.64|
|Daily Pivot Point R2||22.91|
|Daily Pivot Point R3||23.18|
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