• 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
Daily SMA20 24.06
Daily SMA50 24.69
Daily SMA100 23.93
Daily SMA200 23.74
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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