- Silver ticks up inside a choppy range above $25.00.
- Bearish chart pattern, sluggish MACD suggests continuation of downbeat performance.
- Previous support line from mid-January adds to the upside filters.
Silver picks up the bids around $25.15-20 during the initial Asian session on Tuesday. Even so, the white metal stays inside the recently established range between $25.00 and $25.30.
It should, however, be noted that a downward sloping trend channel from February 25 favors the silver bears amid sluggish MACD signals.
As a result, the $25.00 threshold can offer immediate rest to the quote before dragging it to the stated channel’s support line around $24.25.
If at all, silver sellers refrain from stepping back around $24.25, the yearly bottom surrounding $24.15 and the $24.00 round-figure will challenge the quote’s further weakness.
Meanwhile, an upside break of the channel’s resistance line, at $25.55 now, will have to regain past-previous support line from January 17, currently around $26.65, to recall the commodity buyers.
Silver four-hour chart
Trend: Bearish
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