- Silver prices pick up the bids from $26.34, stay inside a short-term bearish chart pattern.
- Bearish MACD signals also challenge the upside momentum.
- Monthly support line, 200-bar SMA offer strong levels to the south.
Silver prices rise to $26.64, up 0.12% on a day, during the pre-Tokyo trading on Tuesday. Even so, the white metal keeps the seven-day-old descending trend-channel intact. Also questioning the bullion’s latest pullback are bearish MACD signals.
Hence, buyers are less likely to be convinced unless the quote defies $27.15 resistance, a break of which could escalate the recovery moves towards August 18 top near $28.50.
It should, however, be noted that the monthly top near $29.85 and $30.00 psychological magnet will be the key upside barriers to watch past-$28.50.
Alternatively, the channel’s support line near $25.60 will become the immediate rest during the commodity’s fresh declines.
In a case where silver prices fail to bounce off $25.60, an ascending trend line from July 28 and 200-bar SMA, respectively around $24.35 and $24.10, will be in the spotlight.
Silver four-hour chart
Trend: Sideways
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