- Silver prices step back from weekly top while snapping the three-day uptrend.
- 100/200-HMA will probe the sellers following the bearish chart pattern.
- Bulls need to refresh the monthly high for fresh entries.
Silver prices drop to $24.80, down 0.97% on a day, during early Thursday. In doing so, the quote part ways from the latest upside momentum that challenged the monthly high of Wednesday. What’s more important is the pair’s confirmation of a bearish chart pattern, rising wedge, on the hourly (1H) formation, amid the descending RSI.
As a result, sellers aim for the confluence of 100 and 200-HMA near $24.60 during the further downside.
In a case RSI remains well above the oversold conditions past-$24.60, the silver bears will initially target the $24.00 round-figure before looking towards the October 15 low around $23.60.
On the contrary, the metal’s rise beyond the $24.85 resistance line, previous support, will not only have to cross the previous day’s high of $25.28 but should also refresh the monthly peak, at $25.56 now, to convince Silver bulls.
Should that happen, the commodity prices can easily probe the early-September month’s low near $25.85.
Silver hourly chart