• Silver extends the previous day’s pullback, pressured around intraday low.
  • Sluggish RSI line, failures to cross immediate DMA challenge buyers, Bears eye yearly low.

Silver (XAG/USD) retreats to $22.40, down 0.23% intraday, as sellers keep reins during early Thursday.

The bright metal’s weakness could be linked to the failures to cross the 10-DMA and downbeat RSI line, not oversold, which suggest further downside.

That said, 78.6% Fibonacci Retracement (Fibo.) level of September-November upside, near $22.20, restricts near-term declines of the XAG/USD prices. Adding to the downside filters is the $22.00 threshold.

However, a clear decline below the $22.00 will make the commodity vulnerable to test the yearly bottom of $21.42.

Alternatively, recovery moves need to cross the 10-DMA level of $22.56 and 61.8% Fibo. level near $22.95 before directing the silver buyers toward November’s low near $23.00.

Even if the quote rises past $23.00, bulls will wait for the sustained run-up beyond the late November swing high, around $23.75, for conviction.

Silver: Daily chart

Trend: Further weakness expected

Additional important levels

Overview
Today last price 22.39
Today Daily Change -0.06
Today Daily Change % -0.27%
Today daily open 22.45
 
Trends
Daily SMA20 23.66
Daily SMA50 23.58
Daily SMA100 23.72
Daily SMA200 25.03
 
Levels
Previous Daily High 22.57
Previous Daily Low 22.31
Previous Weekly High 23.44
Previous Weekly Low 22.04
Previous Monthly High 25.41
Previous Monthly Low 22.69
Daily Fibonacci 38.2% 22.41
Daily Fibonacci 61.8% 22.47
Daily Pivot Point S1 22.32
Daily Pivot Point S2 22.19
Daily Pivot Point S3 22.06
Daily Pivot Point R1 22.57
Daily Pivot Point R2 22.7
Daily Pivot Point R3 22.83

 

 

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