- 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
|Today last price||22.39|
|Today Daily Change||-0.06|
|Today Daily Change %||-0.27%|
|Today daily open||22.45|
|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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