- Silver takes offers after confirming a bearish chart pattern, near intraday low.
- Downbeat RSI adds to the sellers favor, 100-SMA strengthens upside barrier.
Silver refreshes intraday low to $25.78, currently down 1.7%, during Monday’s Asian session. The white metal confirmed a bearish chart pattern, rising wedge, on the four-hour (4H) formation earlier in Asia.
Given the downward sloping RSI adding strength to the bearish chart pattern’s confirmation, silver is likely to revisit the monthly low surrounding $24.80.
Though, the $25.00 round-figure and February 12 low around $25.30 can offer intermediate halts during the quote’s anticipated south-run.
Meanwhile, recovery moves will have 100-SMA as an extra hurdle, in addition to the rising wedge’s support, around $26.00.
If at all the white metal regains $26.00, an ascending resistance line from early March, at $26.70 now, could test the commodity buyers going forward.
Silver four-hour chart
Trend: Further weakness expected
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