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  • Silver prices probe intraday high after bouncing off the lowest since August 26.
  • An ascending trend line from July 17 grabs the buyers’ attention.
  • Sellers may eye 50-day EMA during the further declines.

Silver bucks the two-day downside while taking a U-turn from $26.38 to $26.89, up 1.08% on a day, during the early Friday. The white metal earlier slumped to a seven-day low before recovering from 21-day EMA.

Considering the normal RSI conditions and support of the near-term key EMA, the bullion is likely to extend its latest pullback towards regaining the seven-week-old ascending trend line, currently around $27.56. Though, $27.00 round-figures may offer an immediate upside barrier to the quote.

During the metal’s sustained rise past-$27.56, the monthly top around $28.90 will regain market attention.

Meanwhile, the daily closing below the 21-day EMA level of $26.64 may take rest at July month’s high of $26.20 before targeting the 50-day EMA level of $24.32.

If at all the sellers dominate past-$24.32, the 50% Fibonacci retracement level of June-August upside near $23.40 will be the key to watch.

Silver daily chart

Trend: Pullback expected

 

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