– Silver price remains pressured at the lowest levels in three months.
– RSI conditions limit immediate downside near three-week-old descending trend line.
– Descending megaphone formation suggests more volatility towards the south.
– Recovery remains elusive unless crossing 100-SMA.
Silver price (XAG/USD) takes offers to reverse the week-start corrective bounce off the three-month low during the mid-Asian session on Monday.In doing so, the bright metal pokes the key $20.75-70 zone, the lowest since late November 2022, as oversold RSI (14) probes the quote’s further downside.
However, a downward-sloping megaphone trend-widening
chart formation, established since early February, joins the bearish MACD signals to keep XAG/USD sellers hopeful.
That said, the bullion’s further downside could aim for the November 21, 2022 swing low of $20.58 before challenging the stated megaphone’s lower line, close to $20.55 at the latest.
Though, the RSI conditions and the aforementioned $20.55 trend line support may restrict the commodity’s further downside.
Alternatively, a three-day-old descending resistance line, near $21.00, restricts immediate recovery moves of the Silver price.
Following that, the stated megaphone’s top line, around $21.80 by the press time, could challenge the XAG/USD buyers.
It’s worth noting, however, that the metal’s upside remains doubtful unless crossing the 100-SMA level surrounding $21.90.
Also acting as an upside filter is the previous weekly top of near $22.00, a break of which could direct the buyers towards the November 2022 high of $22.25.
Overall, Silver price remains bearish but the downside appears limited amid oversold RSI conditions.
Silver price: Four-hour chart
Trend: Further downside expected
Additional important levels
|Overview|
|Today last price||20.78|
|Today Daily Change||0.02|
|Today Daily Change %||0.10%|
|Today daily open||20.76|
|Trends|
|Daily SMA20||22.2|
|Daily SMA50||23.14|
|Daily SMA100||22.02|
|Daily SMA200||21.01|
|Levels|
|Previous Daily High||21.4|
|Previous Daily Low||20.74|
|Previous Weekly High||21.98|
|Previous Weekly Low||20.74|
|Previous Monthly High||24.55|
|Previous Monthly Low||22.76|
|Daily Fibonacci 38.2%||20.99|
|Daily Fibonacci 61.8%||21.15|
|Daily Pivot Point S1||20.53|
|Daily Pivot Point S2||20.31|
|Daily Pivot Point S3||19.87|
|Daily Pivot Point R1||21.2|
|Daily Pivot Point R2||21.63|
|Daily Pivot Point R3||21.86|
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