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  • Silver consolidates the heaviest losses in one week.
  • Daily closing below 200-day SMA for the first time since May 2020 keeps sellers hopeful.
  • Previous support line from June, 21-day SMA add to the upside barriers, yearly bottom lures bears.

Silver picks up bids near $24.70, up 0.20% intraday, during early Tuesday. In doing so, the quote prints corrective pullback after the previous day’s heavy losses.

The white metal closed below 200-day SMA for the first time in ten months amid a downward sloping RSI line on Monday.

As a result, silver sellers can remain hopeful of witnessing the monthly low near $24.40 unless regaining above the key SMA level of $24.82.

Also acting as important hurdles to the north is the previous support line from June 2020 and 21-day SMA, respectively around $25.40 and $25.65.

On the flip side, the yearly bottom close to the $24.20 and multiple lows marked during December 2020 around $23.50 can lure the silver bears past-$24.82 comprising the monthly trough.

To sum up, silver recently flashed a bearish signal and is up for further losses.

Silver daily chart

Trend: Further downside expected