- Silver looks for a clear direction inside one-week-old ascending triangle.
- Sustained trading above 200-HMA keeps buyers hopeful.
Silver prices seesaw near $24.15 during early Monday. In doing so, the white metal attacks the upper line of a short-term ascending triangle established since last Wednesday.
Although repeated failures to cross the triangle resistance lure silver sellers, successful trading above 200-HMA keeps the bulls positive.
However, a clear break above $24.35 becomes necessary for the white metal buyers to target the mid-November top near $25.10.
Alternatively, a downside break of the triangle’s support, at $23.90 now, confirms that bearish move towards the previous Monday’s top near $22.75.
During the downside, the 200-HMA level of $23.43 and the $23.00 round-figure may offer intermediate stops.
Silver hourly chart
Trend: Sideways
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