- Silver price remains sidelined around 4.5-month high, pares the biggest daily jump in a week.
- Nearly overbought RSI suggests limited upside unless crossing June’s peak.
- Sellers need validation from $21.50 for fresh entry, $20.00 appears the key support.
Silver price (XAGUSD) struggles to defend buyers around the highest levels since late June, marked the previous day, while taking rounds to $21.70-65 during Friday’s Asian session.
In doing so, the bright metal dribbles above the key $21.50 resistance-turned-support confluence including the 200-DMA and an upward-sloping trend line from early August.
Even if the $21.50 breakout keeps the commodity buyers hopeful, nearly overbought RSI (44) conditions challenge the quote’s further advances, which in turn highlight the 50% Fibonacci retracement level of the metal’s April-September downside, near $21.90.
Also acting as the near-term upside hurdle for the XAGUSD is the June 2022 peak surrounding $22.50.
It’s worth noting that the 61.8% Fibonacci retracement level appears the last defense of the Silver bear before directing the price towards the late March swing low of around $24.00.
Alternatively, a downside break of the $21.50 resistance-turned-support will need validation from the tops marked during October and September, around $21.25 and $20.85 in that order, to convince silver bears. Following that, a downward trajectory toward $20.00 can’t be ruled out.
Silver: Daily chart
Trend: Limited upside expected
Additional important levels
|Today last price||21.66|
|Today Daily Change||0.64|
|Today Daily Change %||3.04%|
|Today daily open||21.02|
|Previous Daily High||21.61|
|Previous Daily Low||21|
|Previous Weekly High||20.91|
|Previous Weekly Low||18.84|
|Previous Monthly High||21.24|
|Previous Monthly Low||18.09|
|Daily Fibonacci 38.2%||21.23|
|Daily Fibonacci 61.8%||21.37|
|Daily Pivot Point S1||20.8|
|Daily Pivot Point S2||20.59|
|Daily Pivot Point S3||20.19|
|Daily Pivot Point R1||21.42|
|Daily Pivot Point R2||21.82|
|Daily Pivot Point R3||22.03|
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