- April 1, 2021
- Posted by: Analysis Team
- Category: Forex News
- Silver steps back from two-week-old resistance line, choppy off-late.
- RSI retreat favor sellers, key SMA adds to the upside filters.
Silver fades Wednesday’s recovery moves while easing from a downward sloping trend line from March 18, down 0.24% intraday around $24.34, during early Thursday.
Also favoring the white metal sellers could be the downward sloping RSI and sustained trading below the key SMAs.
As a result, the $24.00 is on the intraday sellers’ radar before hitting the one-week-old falling support line, around $23.58.
If at all silver sellers dominate past-$23.58, October 2018 low around $22.60 should return to the chart.
On the flip side, a clear run-up beyond the immediate resistance line near $24.45 will attack the 50-SMA level of $24.92 to regain the $25.00 mark.
However, any further upside past-$25.00 will be challenged by a 200-SMA level of $26.15.
SILVER FOUR-HOUR CHART