- 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
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended content
Editors’ Picks
EUR/USD eases below 1.1000 ahead of German inflation data
EUR/USD is trading below 1.1000, losing its upside traction in the European session on Wednesday. The pair is holding steady, as the US Dollar finds its feet despite a sell-off in the US Treasury bond yields. Traders stay cautious ahead of the German inflation and US GDP data.
GBP/USD battles 1.2700 as US Dollar decline stalls
GBP/USD is battling 1.2700, extending its retreat from multi-month highs in European trading on Monday. The pair fails to find any inspiration from BoE Governor Bailey's hawkish comments, as the US Dollar looks to stabilize ahead of top-tier economic data and Fedspeak.
Gold price eases from multi-month peak, dovish Fed expectations favour bulls ahead of US GDP
Gold price (XAU/USD) advanced to a near seven-month peak, around the $2,052 area on Wednesday, albeit trims a part of its intraday gains heading into the European session.
Bitcoin price could touch $41,000 in December, analyst predicts bullish breakout
Bitcoin worth $1 billion has been withdrawn from exchanges in the last two weeks. The SEC asked for public feedback on Franklin Templeton’s Spot Bitcoin ETF, fueling anticipation of approval.
Germany CPI Preview: Inflation set to ease further, not necessarily negative for the Euro Premium
The Federal Statistical Office of Germany (Destatis) will release inflation data on Wednesday at 13:00 GMT. The annual German Consumer Price Index (CPI) is expected to rise 3.5% in November, down from the 3.8% increase reported in October.