- Silver prices gain 1.0%, attack intraday high, while snapping a two-day-old losing streak.
- 21-day EMA, weekly resistance line guard immediate upside.
- Sellers keep September low on radars below $25.00.
Silver takes the bids near $23.50, up 1.20% intraday, during the early Friday. The white metal dropped to the lowest since September 28 the previous day before bouncing off $22.58. The following recovery presently confronts 23.6% Fibonacci retracement of August-September downside.
However, the MACD histogram remains red for the second day and flashes the most bearish signals in three weeks while probing the corrective pullback.
Further, a confluence of 21-day EMA and a falling trend line from October 21, currently around $24.25/30, limits the metal’s immediate upside. If at all the commodity prices cross $24.30, a falling trend line from August 07, at 24.97 now, will challenge the bulls afterward.
Meanwhile, the $23.00 round-figure can offer nearby support to silver traders ahead of directing them to question Thursday’s low of $22.58.
Although there are multiple rests around $22.50 to probe silver bears past-$22.58, any more weakness might not refrain from targeting the September month’s bottom surrounding $21.65.
Silver daily chart
Trend: Bearish
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