Silver stays heavy near the lowest since mid-December 2020. A clear downside break of the key SMA, bearish MACD favor sellers. $23.60 can offer immediate support ahead of 38.2% Fibonacci retracement and six-month-old rising trend line. Silver’s heaviest declines in over a week landed it below 200-day SMA on daily closing for the first time since May on Tuesday. Even if the white metal sellers catch a breather around $24.00, bearish MACD and a sustained break of important SMA suggests the quote’s further weakness. As a result, the commodity prices stay directed towards a horizontal area comprising multiple lows marked during early December 2020, near $23.60. However, the quote’s further weakness will be tested by 38.2% Fibonacci retracement of March 2020 to February 2021 upside and an ascending support line from September 24, 2020, respectively around $23.00 and $22.45. Meanwhile, a daily closing beyond the 200-day SMA level of $24.85 should recall the $25.00 threshold and $25.50 resistance back to the chart. Though, silver’s run-up beyond $25.50 will be questioned by a downward sloping resistance line from February 01, 2021, close to $25.70 by the press time. Silver daily chart Trend: Bearish  FX Street FX Street FXStreet is the leading independent portal dedicated to the Foreign Exchange (Forex) market. It was launched in 2000 and the portal has always been proud of their unyielding commitment to provide objective and unbiased information, to enable their users to take better and more confident decisions. View All Post By FX Street FXStreet News share Read Next WTI stays supported above $60.00 level despite mixed API inventory report FX Street 1 year Silver stays heavy near the lowest since mid-December 2020. A clear downside break of the key SMA, bearish MACD favor sellers. $23.60 can offer immediate support ahead of 38.2% Fibonacci retracement and six-month-old rising trend line. Silver's heaviest declines in over a week landed it below 200-day SMA on daily closing for the first time since May on Tuesday. Even if the white metal sellers catch a breather around $24.00, bearish MACD and a sustained break of important SMA suggests the quote's further weakness. As a result, the commodity prices stay directed towards a horizontal area comprising multiple lows marked… Regulated Forex Brokers All Brokers Sponsored Brokers Broker Benefits Min Deposit Score Visit Broker 1 $100T&Cs Apply 0% Commission and No stamp DutyRegulated by US,UK & International StockCopy Successfull Traders 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 2 T&Cs Apply 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 3 Recommended Broker $100T&Cs Apply No deposit or withdrawal feesTrade major forex pairs such as EUR/USD with leverage up to 30:1 and tight spreads of 0.9 pips Low $100 minimum deposit to open a trading account 9 Visit Site FreeBets ReviewsYour capital is at risk. 4 T&Cs Apply Visit Site FreeBets ReviewsYour capital is at risk. 5 Recommended Broker $0T&Cs Apply Trade gold, silver, and platinum directly against major currenciesUp to 1:500 leverage for forex trading24/5 customer service by phone and email 9 Visit Site FreeBets ReviewsYour capital is at risk.