- Silver struggles to defy Friday’s consolidation, awaits fresh clues.
- Bearish MACD argues sustained trading beyond 50-day SMA, ascending trend line from November 30.
- Bulls need a clear break of $28.00 to retake controls.
Silver prices need clear direction while taking rounds to $27.20-25 amid the initial Asian session trading on Monday. In doing so, the white metal hesitantly keeps Friday’s U-turn from 50-day SMA as bearish MACD probe the bullion buyers. The reason could also be traced from the commodity’s repeated failures to cross $28.00.
As a result, bulls and bears are jostling between 50-day SMA level of $26.28 and the horizontal line comprising highs marked on January 06 and February 16.
It should, however, be noted that a three-month-old support line, at $25.88 now, raises bars for the silver bears’ entry.
On the contrary, the $30.00 psychological magnet and the monthly high of $30.06 add to the upside filters beyond $28.00.
Overall, silver bulls are likely to keep the reins as the stated SMA and trend line have a comparatively stronghold on the metal’s move that the MACD signals.
Silver daily chart
Trend: Bulls.
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