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  • Silver stays bid near three-week top flashed on Tuesday.
  • The metal remains above 21-day SMA and a seven-week-old resistance line but bearish candlestick formation, MACD question the bulls.
  • August high, $30.00 become the key upside barriers.

Silver prices rise to $28.26, up 0.45% on a day, during Wednesday’s Asian session. In doing do, the white metal pays a little heed to the previous day’s Doji candlestick and bearish MACD while taking rounds to a three-week high.

However, a clear break above $29.00 will be necessary for the bullion buyers to shrug off the candlestick and momentum indicators suggesting a fresh downside.

It should, additionally, be noted that August month’s high near $29.85 and the $30.00 round-figures act as extra upside filters during the quote’s rise past-$29.00.

Meanwhile, $28.00 and 21-day SMA near $27.30 may offer immediate supports to the metal ahead of an ascending trend line from July 17, at $27.17 now.

If at all the bears manage to sneak in around $27.15, August 25 low near $26.00 and August 12 bottom close to $23.10 could regain market attention.

Silver daily chart

Trend: Pullback expected

 

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