- July 1, 2021
- Posted by: Analysis Team
- Category: Forex News
- Silver prices edge higher around weekly top, mildly bid during two-day uptrend.
- Bullish MACD keeps buyers hopeful until $26.00 breakdown.
- Falling trend line from June 11, 200-SMA add to the upside filters.
- Weekly horizontal area restricts downside to early March low.
Silver (XAG/USD) drops back towards $26.00, up 0.15% intraday around $26.17, by the press time of early Thursday. In doing so, the bright metal fails to extend the upside break of a two-week-old resistance line, now the immediate support, while stepping back from the weekly high.
It should, however, be noted that the commodity prices need to break the $26.00 threshold to restore the bearish impulse targeting a short-term horizontal support zone near $25.50.
Additionally, a sustained weakness past $25.50 will push the silver bears to the early March’s low surrounding $24.85.
Meanwhile, bullish MACD signals a bounce off the previous resistance line, near $26.15, but the buyers will be probed by a three-week-old falling trend line close to $26.40 afterward.
In a case where the metal prices rally beyond $26.40, 50% Fibonacci retracement level of June’s downside may test the upside around $27.00 before the 200-SMA level of $27.25.
Overall, silver prices remain pressured unless crossing the key SMA level.
SILVER: FOUR-HOUR CHART