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  • Silver steps back from short-term key hurdle, hangs in balance.
  • Pullback eyes two-week-old horizontal support but MACD probes the bears.
  • Monthly peak, $28.00 offer extra filters to the north.

Silver reverses the early Asian session gains, recently declining to $27.40, amid early Monday. In doing so, the white metal takes a U-turn from a downward sloping trend line from last Monday even as the MACD stays bullish.

Hence, the pullback moves may have a limited downside, until a short-term horizontal support zone near $27.10.

Even if the commodity prices fail to bounce off $27.10, an upward sloping trend line from April 27 and 100-SMA, respectively around $26.90 and $26.70, could challenges silver sellers.

On the contrary, an upside break of $27.50 immediate hurdle needs to refresh the monthly peak near $27.90, also cross the $28.00 threshold, before directing the silver bulls toward late February top near $28.30.

Overall, silver prices remain strong but intermediate pullback can’t be ruled out.

Silver four-hour chart

Trend: Pullback expected

 

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