- Silver retraces the heaviest losses in two weeks above $23.00.
- 21-day and 50-day EMA will probe the bulls amid downbeat MACD conditions.
- September month low adds to the downside support.
Silver prices pick-up bids near $23.30, up 1.0% intraday, amid Wednesday’s Asian trading. The white metal marked the biggest losses since September 23 the previous day. However, 100-day EMA again played its role as key support and triggered the latest bounce.
While the U-turn from the crucial EMA favor buyers, a joint of 21-day and 50-day EMA, currently around $24.55, probes further recovery amid bearish MACD.
If at all the bulls manage to conquer $24.55 on a daily basis, the early-September bottom surrounding $25.85 will be in focus.
On the flip side, a daily closing below the 100-day EMA level of $22.90 may take a rest near 61.8% Fibonacci retracement level of June-August upside near $21.90 before challenging the last month’s low of $21.65.
It should, however, be noted that the metal’s weakness past-$21.65 will direct the bears towards the $20.00 psychological magnet.
Silver daily chart
Trend: Pullback expected
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