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Abstract：Overbought RSI hints at a pullback towards the previous resistance line but buyers remain hopeful beyond 200-DMA.
Silver pares the biggest daily gains in a year, stays near six-month high flashed the last week.
61.8% Fibonacci retracement, July 2021 peak adds to the upside filters.
Silver (XAG/USD) buyers take a breather around $25.30, down 0.70% intraday during Wednesdays Asian session.
In doing so, the quote takes a U-turn from a weekly high to consolidate the biggest daily jump in 12 months, marked the previous day. Overbought RSI conditions add strength to the pullback moves.
However, the resistance-turned-support line from July 2021, near $24.25, followed by the 200-DMA level near $24.10, limits the short-term downside of the silver prices.
Its worth noting that a monthly support line near $24.50 acts as extra support to challenge XAG/USD bears.
Alternatively, the previous weeks high around $25.65, also the highest since August 2021, challenge the silver buyers during the fresh upside.
In a case where XAG/USD bulls cross $25.65, the 61.8% Fibonacci retracement of May-September 2021 downside and July 2021 high, respectively around $26.00 and $26.80, will act as strong resistances.
Silver: Daily chart
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The views in this article only represent the author's personal views, and do not constitute investment advice on this platform. This platform does not guarantee the accuracy, completeness and timeliness of the information in the article, and will not be liable for any loss caused by the use of or reliance on the information in the article.
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