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  • Silver refreshes intraday low, snaps four-day uptrend amid a quiet day.
  • Bearish candlestick at multi-day top backs further weakness below short-term key horizontal resistance.

Silver extends pullback from the multi-day top, flashed the previous day, while declining to $28.09, down 0.38% on a day during early Wednesday.

The white metal jumped to the highest since February 02 on Tuesday before reversing from $28.75. In doing so, the precious metal fails to provide a daily closing beyond the $28.30-35 horizontal hurdle, also portraying a bearish candlestick, gravestone Doji, on the daily chart.

Given the trend reversal suggesting candlestick near multi-day high, followed by a daily closing below the key hurdle, silver may witness further downside towards retesting the early month top near $27.88.

However, the quote’s weakness past-$27.88 will be tested by an ascending support line from March 31, around $26.90.

Meanwhile, the $28.30-35 area guards the bullion’s short-term upside ahead of the previous day’s high near $28.75 and the $29.00 threshold.

Should silver buyers keep the reins beyond $29.00, the yearly peak surrounding the $30.00 psychological magnet will be in the spotlight.

Silver daily chart

Trend: Pullback expected

 

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