- Silver fades the previous day’s rebound, eases from intraday top.
- 20-SMA guards immediate upside, 100-SMA adds strength to the triangle’s support.
- Steady Momentum, key technical hurdles hint at further sideways grind of the metal.
Silver (XAG/USD) consolidates the previous day’s gains around $23.00, down 0.12% intraday, during Wednesday’s Asian session.
In doing so, the bright metal eases from 20-SMA while staying inside a one-week-old symmetrical triangle.
Given the steady Momentum line and continuation chart pattern, XAG/USD is likely to grind for the short term.
That said, the latest pullback from the 20-SMA can drag the quote towards $22.90 nearby support. However, a convergence of the stated triangle’s support line and 100-SMA, around $22.60, offers a tough nut to crack for the silver bears.
Alternatively, an upside clearance of the 20-SMA level of $23.06 will direct XAG/USD bulls towards the triangle’s resistance line of $23.25.
In a case where silver buyers keep reins past $23.25, highs marked on November 29 and December 28, around $23.45, will be crucial to watch.
Silver: Four-hour chart
Trend: Pullback expected
Additional important levels
|Today last price||23.04|
|Today Daily Change||-0.02|
|Today Daily Change %||-0.09%|
|Today daily open||23.06|
|Previous Daily High||23.1|
|Previous Daily Low||22.64|
|Previous Weekly High||23.44|
|Previous Weekly Low||22.59|
|Previous Monthly High||23.44|
|Previous Monthly Low||21.42|
|Daily Fibonacci 38.2%||22.93|
|Daily Fibonacci 61.8%||22.82|
|Daily Pivot Point S1||22.77|
|Daily Pivot Point S2||22.48|
|Daily Pivot Point S3||22.31|
|Daily Pivot Point R1||23.23|
|Daily Pivot Point R2||23.4|
|Daily Pivot Point R3||23.69|
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