Despite bouncing off a four-month low during the last week, silver buyers need validation from the 200-SMA level near $25.85 to retake the controls. Following that, July’s top near $26.75 and June’s peak surrounding $28.30 will be on the bull’s radar. In a case where silver stays firmer above $28.30, the $30.00 psychological magnet will be in the focus of the optimists.
Meanwhile, the receding bullish bias of the MACD and downward sloping RSI line suggests a pullback in silver prices to the $25.00 threshold. However, any further downside will not hesitate to refresh the multi-day low surrounding $24.50. Should silver bears keep reins below $24.50, the yearly bottom near $24.20 will be crucial to watch, a break of which will highlight the November 2020 low close to $21.90 for the silver bears.
Meanwhile, the receding bullish bias of the MACD and downward sloping RSI line suggests a pullback in silver prices to the $25.00 threshold. However, any further downside will not hesitate to refresh the multi-day low surrounding $24.50. Should silver bears keep reins below $24.50, the yearly bottom near $24.20 will be crucial to watch, a break of which will highlight the November 2020 low close to $21.90 for the silver bears.