- Silver prices remain sluggish below monthly resistance line.
- One-month-old ascending trend line adds to the support.
- 100-bar SMA offers immediate resistance amid normal RSI conditions.
Silver takes rounds to $26.75 during Monday’s Asian session. The white metal keeps seesawing 200-bar SMA after the last week’s failed attempt to cross 100-bar SMA and a falling trend line from September 01.
While normal RSI conditions suggest the bullion’s further consolidation, its refrain from declining below the key SMA, not to forget about staying beyond an ascending trend line from August 12, also favors the bulls.
However, a clear break of the $27.20, comprising the aforementioned resistance line, becomes necessary for the bulls to step in. It should also be noted that a 100-bar SMA level of $27.08 offers immediate resistance to the quote.
Meanwhile, a clear downside past-200-bar SMA, at $26.78 now, can take rest on the monthly support line, currently around $26.30/25.
Should the bears sneak in near $26.25, the monthly low of $25.84 will be the key as a break of which can recall the previous month’s bottom surrounding $23.45.
Silver four-hour chart
Trend: Sideways
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