- Silver falls to its lowest level since January 28.
- The downward sloping RSI and support breakout favors silver bears.
- The medium-term support line and the 100-day SMA challenge further decline.
Silver prices are on slippery ground after breaking a short-term support line, currently falling 1.55% on the day at $ 26.09, at the start of the European session on Tuesday. In doing so, the white metal falls to its lowest level since January 28.
Although the downside break of the previous support line favors silver sellers, a confluence of the 100-day SMA and an ascending trend line from March 18, 2020, around $ 25.60-40, challenges the further fall. It is worth mentioning that the falling RSI line, not oversold, suggests a further decline for the white metal.
However, it should be noted that the 200-day SMA near $ 24.05 and the round level of $ 24.00 offer additional support to the downside for the precious metal before targeting November lows near $ 21.90.
On the other hand, the corrective pullback needs a daily close above the previous support line, now at $ 26.30, before attacking the $ 26.85 hurdle.
The late-February high near $ 28.35 and the prior month’s high at $ 30.06 is also likely to challenge buyers.
In short, silver bears are waiting for confirmation to mark a notable drop.
Silver daily chart
Silver technical levels
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