- Silver prices remain on the back foot after breaking an ascending trend line from August 12.
- 100-bar SMA guards immediate upside, downward sloping RSI favor sellers.
Silver drops to $26.68, down 0.92% on a day, during Monday’s initial trading session. The white metal keeps its downside break of nearly a month-old support line, now resistance, while also staying below 100-bar SMA amid descending RSI conditions.
As a result, sellers eye further weakness with a 200-bar SMA level of $26.29 acting as immediate support ahead of $26.00 round-figures.
During the commodity’s further weakness below $26.00, 23.6% Fibonacci retracement of its early August declines, around $24.95 will be the key as a break of which can recall $23.43 on the chart.
Meanwhile, an upside clearance of a 100-bar SMA level of $27.20 can propel the quote to confront the previous support line, now resistance, around $28.00.
Should buyers manage to conquer $28.00, multiple upside barriers around $29.00 and $29.85 can question the run-up towards the $30.00 threshold.
Silver four-hour chart
Trend: Bearish
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