- Silver prints mild gains during the latest bounce off the key support line.
- An ascending trend line from October 29 probes pullback moves from 200-bar EMA.
- Bearish MACD favor sellers, monthly high on the bulls’ radars.
Silver portrays another U-turn from a short-term support line while taking rounds to $24.20, up 0.40% intraday, amid Wednesday’s Asian session. Even so, the metal’s inability to cross 200-bar EMA joins bearish MACD signals to keep the sellers hopeful.
That said, the bullion sellers will aim for fresh entries below the $24.09 level, comprising the stated trend line support, to challenge the weekly bottom surrounding $23.50.
During the quote’s further downside past-$23.50, the monthly low near $23.20 and October’s low of $22.58 will lure the commodity sellers.
Meanwhile, a clear upside beyond the 200-bar EMA level of $24.50 will probe the $25.00 round-figure as the following level ahead of highlighting the monthly peak of $26.00 on the buyers’ watch-list.
If at all the silver prices remain strong above $26.00, odds of witnessing the mid-September high close to $27.60 back to the charts can’t be ruled out.
Silver four-hour chart
Trend: Further weakness expected
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