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  • Silver keeps bounce off January 18 inside a bearish chart pattern.
  • RSI recovery suggests further upside, 200-SMA adds to the resistance.
  • Three-week-old support line offers extra support to watch during pullback.

Silver picks up bids to $25.15 while extending the previous day’s bounce-off multi-day low amid Friday’s Asian session. The while metal dropped to the fresh low nine-week bottom before recovering from $24.40 on Thursday.

Given the upbeat RSI, the white metal is likely to keep the corrective pullback. Even so, a one-week-old descending channel formation and 200-SMA defend bears.

Hence, the latest recovery moves seem less important until staying below the stated channel’s resistance line near $25.31.

While a clear rejection of the bearish chart formation will attack the 200-SMA level of $26.46, silver bulls will need a strong push to cross the key hurdle.

Alternatively, the $25.00 and the early-month low near $24.80 can test the commodity’s pullback moves ahead of the channel’s support line near $24.50.

If at all the bullion fails to bounce off $24.50, a support line from March 05, close to $24.35, will challenges the bears afterward.

Silver four-hour chart

Trend: Further recovery expected