- June 3, 2021
- Posted by: Analysis Team
- Category: Forex News
- Silver keeps recovery moves from 100-SMA inside a short-term symmetrical triangle.
- Two-week-old horizontal line guards immediate upside, 200-SMA adds to the downside filters.
Silver (XAG/USD) edges higher around $28.15, up 0.07% intraday, amid Thursday’s Asian session. The white metal bounced off 100-day SMA the previous day while keeping the symmetrical triangle established from May 18.
It should, however, be noted that the normal RSI conditions suggest a continuation of the latest recovery moves. Though, a 12-day-long horizontal line around $28.25 restricts the commodity’s run-up to the triangle’s resistance line, close to $28.55.
In a case where silver bulls cross $28.55, the bullish bias will gather pace towards the yearly top surrounding $30.10.
Alternatively, pullback moves may revisit the 100-SMA level of $27.75 but any further weakness will be tamed by the support line of the stated triangle, near $27.55.
Even if the bullion sellers ignore the $27.55, 200-SMA around $27.10 will probe the quote’s further south-run before highlighting the May 13 low of $26.70 on their radar.
SILVER FOUR-HOUR CHART