- Silver built on its goodish recovery move from the $22.00 mark, or YTD lows touched on Monday.
- Mixed oscillators on hourly/daily charts warrant some caution before placing fresh bullish bets.
Silver gained some positive traction on Tuesday and moved away from the lowest level since November 2020, around the $22.00 mark touched in the previous day. The commodity, for now, seems to have snapped three consecutive days of the losing streak and was last seen trading around the $22.60-65 region, up over 1.50% for the day.
The mentioned area lies just ahead of the 23.6% Fibonacci level of the $24.87-$22.04 recent leg down. Some follow-through selling will be seen as a fresh trigger for bullish traders and set the stage for additional gains. The outlook is reinforced by the fact that technical indicators on hourly charts have been gaining positive traction.
That said, oscillators on the daily chart are still holding deep in the bearish territory and warrant some caution for bullish traders. Hence, any subsequent move up might still be seen as a selling opportunity and runs the risk of fizzling out quickly near the $23.00 mark. This is closely followed by the 38.2% Fibo. level, near the $23.10 region.
On the flip side, the $22.25 area now seems to protect the immediate downside ahead of YTD lows, around the $22.00 mark. A convincing break below will be seen as a fresh trigger for bearish traders and turn the XAG/USD vulnerable. The commodity might then accelerate the fall further towards testing September 2020 swing lows, around the $21.65 region.
Silver 4-hour chart
Technical levels to watch
|Today last price||22.63|
|Today Daily Change||0.36|
|Today Daily Change %||1.62|
|Today daily open||22.27|
|Previous Daily High||22.52|
|Previous Daily Low||22.04|
|Previous Weekly High||23.97|
|Previous Weekly Low||22.33|
|Previous Monthly High||26|
|Previous Monthly Low||22.17|
|Daily Fibonacci 38.2%||22.22|
|Daily Fibonacci 61.8%||22.33|
|Daily Pivot Point S1||22.03|
|Daily Pivot Point S2||21.79|
|Daily Pivot Point S3||21.55|
|Daily Pivot Point R1||22.51|
|Daily Pivot Point R2||22.76|
|Daily Pivot Point R3||23|
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.