Silver price analysis: Steady above support convergence at $23.25

2022-06-19 0 By

Silver trimmed its biggest one-day drop in three weeks.MACD index strengthened, 100-day moving average and 2-week support became short-term support.61.8% Fibo level, 200 moving average form strong resistance.Silver settled around $23.35- $40 in thin Sanya trading on Monday.During this period, the MACD indicator showed bullish signals and silver maintained the momentum of the previous session’s rebound from the 100-day moving average and the uptrend support line since Feb 3rd.However, a daily close above the 61.8 percent fibo level of silver’s November-December decline around $23.90 was crucial for attracting bulls.Another challenge to silver’s upside is the 200-day moving average around $24.30, which would challenge the January high of $24.70 if breached.In addition, bears will test the $23.00 mark if silver closes below its 100-day moving average and support line near $23.25.Shorts will target $22.60 followed by a monthly low of $22.00, and then test the year-end 2021 low of $21.40.Silver price: daily chart silver price analysis