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- Silver is refreshing its intraday high after a monthly low.
- Clinging to 61.8% Fibonacci retracement, sustained trading below 200-DMA leaves sellers hopeful.
Silver (XAG / USD) is printing a corrective pullback near the monthly low during Monday’s Asian session, up 0.12% on the day to $ 25.70. The white metal is fluctuating upwards by 61.8% of the Fibonacci retracement level from March-May.
Although the upward sloping momentum line suggests the downward move is strong, a daily close below the stated key Fibonacci retracement level of $ 25.70 will be required to experience the new selling pressures.
After that, the June low at $ 25.50, also the lowest since mid-April, will be key as a break down will not hesitate to challenge the April 13 low at $ 24.65.
Meanwhile, any further recovery in silver prices will depend on the breakout of the 200 DMA level of $ 25.86, which in turn could push the price to a 50% Fibonacci retracement level of $ 26.25.
However, the commodity’s rise above $ 26.25 is being tested by a downward sloping trendline from July 6th near $ 26.35 as well as the monthly high near $ 26.75.
In summary, silver remains on the bear’s radar despite the recent rally.
Silver: daily chart
Trend: bearish
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