- Silver witnessed a modest intraday pullback from the $ 22.80 confluence hurdle.
- Neutral technical indicators warrant caution before placing new directional bets.
At payment It struggled to capitalize on its modest intraday rally to one-and-a-half week highs and once again began to pull out of the $ 22.80 resistance zone. The raw material updated the daily lows during the early days of the American session and was last seen hovering around $ 22.00, down 0.40% on the day.
The aforementioned barrier marks a confluence region comprising the 38.2% Fibonacci level of the $ 24.87-$ 21.42 drop and the 100-period EMA on the 4-hour chart. This should now act as a key point for short-term traders and help determine the next leg of a directional move for the future. XAG / USD.
Meanwhile, the technical indicators on the daily chart, while rebounding from bearish territory, have been struggling to gain significant traction. Furthermore, the neutral oscillators on the hourly charts have not supported a firm intraday direction, justifying the caution of aggressive traders.
From the current levels, the 23.6% Fibonacci level, around the $ 22.25 zone, should protect the immediate drop. A convincing break below could make XAG / USD vulnerable to breaking below $ 22.00 and falling further towards challenging last week’s lows around the $ 21.45-40 region.
On the other hand, momentum past the $ 22.80 confluence hurdle could struggle to find acceptance above $ 23.00 and waver near 50% of the Fibonacci-Resistance level some subsequent purchases beyond the 23.10-15 region. $ will be seen as a new trigger for the bulls and will set the stage for further gains. XAG / USD could accelerate momentum towards the 61.8% Fibonacci level, around the $ 23.55-60 zone, before eventually aiming to regain the round $ 24.00 level.
4 hour silver chart
Technical levels
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