Tag: silver price forecast

• Silver struggles to keep week-start gap-up but snaps three-day losing streak.
• Bearish MACD, downbeat RSI joins sustained break of yearly support line, now resistance, to favor silver sellers.
• Yearly low, 200-day SMA will be a tough nut to crack for bears.

Silver prices waver around $25.40, fading the initial run-up to $25.56, during Monday’s Asian session. In doing so, the white metal confronts 100-day SMA while also keeping the last week’s break of an ascending trend line from March 2020.

Given the bearish MACD and descending RSI line join the previous week’s downside break of the key support line and 100-day SMA, silver prices are likely to remain depressed.

However, fresh selling can wait until the bears conquer January 27 low near $24.70 as it triggered the commodity’s bounce during Friday.

Also acting as the strong downside barrier is a confluence of 200-day SMA and the yearly low near $24.20.

Meanwhile, a daily closing beyond the 100-day SMA level of $25.45 will need to cross the previous support line, at $25.80 now, to recall the silver buyers.

Following that, lows marked during late February around $26.20 should test the bulls targeting the monthly top beyond $27.00.

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Silver prices remain heavy near late January lows, currently down 0.23% around $25.30, during Friday’s Asian session. The white metal dropped the fresh bottom in multiple days after breaking an ascending trend line from November 30 the previous day.

The bearish bias also gains support from the metal’s failure to recover from recent lows while staying below 100-day SMA amid bearish MACD.

Hence, silver sellers are en route 200-day SMA level of $24.15. Though, 61.8% Fibonacci retracement of November 2020 to February 2021 upside, at $25.00, offers immediate support to the quote.

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Silver down over 1% to the lows of $25.63 on the day

he drag in gold is also inadvertently having a negative pull on the likes of silver and platinum lately and we are seeing more of that today as well with silver having fallen to its lowest levels since 28 January below $26.
The drop pushes silver towards a test of key trendline support @ $25.65 and also brings into focus the 100-day moving average (red line) @ $25.43.
Those will be key lines in the sand for silver buyers to hang on to in order to keep the upside momentum running, after having seen year-to-date gains erased this week after having jumped to $30 at the start of February.
The dollar’s resilience so far today is also part of the story but precious metals haven’t really been getting much love – especially gold – as of late.
Silver ETFs may not have declined as drastically as gold but they have eased off since peaking in early February amid the surge in demand and retail trading frenzy at the time.

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