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Abstract:Silver Price Analysis: Keeps bounce off three-month-old support line above $26.00
Silver eases from intraday top while also snapping a two-day downtrend.
Normal RSI, corrective pullback from key support line direct buyers toward 21-day SMA.
50-day SMA offers immediate support, monthly resistance line adds to the upside filter.
Silver prices waver around $26.80, up 0.90% intraday, during Mondays Asian session. In doing so, the white metal keeps the bounce off an ascending trend line from November 30 despite recent easing from $26.85.
Given the absence of overbought/oversold RSI conditions, coupled with the quotes latest U-turn from the key support line, silver prices are likely to remain directed towards a 21-day SMA level of $27.25.
During the rise, the $27.00 round-figure may offer an intermediate halt whereas a descending trend line from February 01, at $27.90 now, can question any further upside.
Alternatively, a downside break of 21-day SMA, currently around $26.50, will fetch the bullion back to the stated support line near $26.20.
While the break of a multi-day-old key support will direct the metal bears towards the yearly bottom near $24.20, the $26.00 and the $25.00 thresholds can act as buffers.
Overall, silver is comparatively stronger than gold due to its industrial usage amid the hopes of economic recovery.
Silver daily chartTrend: Bullish
ADDITIONAL IMPORTANT LEVELS
Disclaimer:
The views in this article only represent the author's personal views, and do not constitute investment advice on this platform. This platform does not guarantee the accuracy, completeness and timeliness of the information in the article, and will not be liable for any loss caused by the use of or reliance on the information in the article.
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