• Silver price remains mildly bid at weekly top, prints three-day uptrend.
  • A clear break of 200-DMA, upbeat RSI (14) favor buyers to approach monthly top.
  • Tops marked during October, August add to the downside filters.

Silver price (XAG/USD) picks up bids to refresh weekly top around $21.60 during Thursday’s Asian session.

In doing so, the bright metal rises for the third consecutive day while justifying the previous day’s upside break of the 200-DMA. Also keeping the XAG/USD bulls hopeful is the firmer RSI (14) line, not overbought.

With this, the quote is all set to approach the monthly high surrounding the 50% Fibonacci retracement of the March-September downside, near $22.25.

However, June’s peak surrounding $22.50 might challenge the silver buyers afterward, if not then a run-up towards the 61.8% Fibonacci retracement level near $23.40, also known as the golden ratio, could lure the bulls.

On the flip side, a daily closing below the 200-DMA, near $21.40 by the press time, appears necessary to confirm a short-term downside.

Even so, highs marked during October and August, respectively near $21.25 and $20.85, quickly followed by the 21-DMA support near $20.75, could restrict the XAG/USD’s short-term downside.

It’s worth noting that May’s low near $20.45 acts as the last defense of silver buyers.

Silver: Daily chart

Trend: Further upside expected

Additional important levels

Overview
Today last price 21.58
Today Daily Change 0.05
Today Daily Change % 0.23%
Today daily open 21.53
 
Trends
Daily SMA20 20.7
Daily SMA50 19.87
Daily SMA100 19.56
Daily SMA200 21.39
 
Levels
Previous Daily High 21.6
Previous Daily Low 20.91
Previous Weekly High 22.25
Previous Weekly Low 20.75
Previous Monthly High 21.24
Previous Monthly Low 18.09
Daily Fibonacci 38.2% 21.34
Daily Fibonacci 61.8% 21.17
Daily Pivot Point S1 21.09
Daily Pivot Point S2 20.65
Daily Pivot Point S3 20.4
Daily Pivot Point R1 21.78
Daily Pivot Point R2 22.04
Daily Pivot Point R3 22.48

 

 

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