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  • Silver keeps recovery moves from intraday low of $24.09.
  • A two-week-old resistance line, the confluence of 100 and 200-bar SMAs probe the bulls.
  • Sellers can look for entries below 61.8% Fibonacci retracement.

Silver prices rise to $24.25, up 0.32% intraday, amid Monday’s Asian session. In doing so, the white metal battles around a downward sloping trend line from November 08 while targeting to cross a joint of 100-bar and 200-bar SMAs

Considering the commodity’s ability to stay past-61.8% Fibonacci retracement of October 29 to November 08 upside, coupled with the normal RSI conditions, as favoring the silver buyers.

However, a clear above the immediate SMA confluence near $24.40 becomes necessary for the silver bulls to probe the mid-month peak surrounding $25.10.

Meanwhile, a downside break of the previous resistance line, at $24.18 now, can drag the quote back to the 61.8% Fibonacci retracement level of $23.89 whereas the $23.60 and $23.30 can entertain silver sellers afterward.

In a case where the bullion remains weak past-$23.30, the 23.00 round-figure and the monthly low near $22.60 should return to the charts.

Silver four-hour chart

Trend: Further recovery expected

 

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