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- Silver is struggling to keep Friday’s corrective pullback off the year low.
- Bearish trend lines, SMA favor sellers, but oversold RSI conditions show intermediate jumps.
Silver (XAG / USD) remains under pressure near $ 22.40 during Monday’s Asian session, down 0.08% for the day. The bright metal fades the rebound of the previous day from the annual low.
Not only the failure to maintain the corrective pullback but the continued trading below key resistance levels in early September and June, not to mention 50-DMA, leave the bears hopeful. However, oversold RSI conditions trigger a consolidation.
As a result, silver sellers remain focused on the $ 22.16-22.00 area, which includes the recent lows and the year low, but further weakness becomes less likely.
Should the metal fall below $ 22.00 on a daily close, lows marked at $ 21.90 and $ 21.65, respectively, in November and September 2020 will help filter the downside.
On the contrary, a three-week-old descending trendline near $ 23.00 protects the immediate upside from a slightly broader resistance line on June 11 near $ 23.70.
Even if silver buyers cross the $ 23.70 hurdle, the 50 DMA level near $ 23.95 and the $ 24.00 threshold will challenge further upward movement after the focus will be on the monthly high of $ 24.86 .
Silver: daily chart
Trend: bearish
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