Under $ 32.66 is 50-day MA at $ 32.01
If last week’s silver price continues from $ 32.66, a breakdown under the 20-day MA will be activated, which means that the possibility of a possible support test around the 50-day MA, currently at $ 32.01, will be opened. Other price levels to pay attention to possible support are the 50% Retracement on $ 32.53. 61.8% Fibonacci racement of the full revival from a swing layer of 28 February is $ 32.12. Since the 50-day MA is also rising and it can soon come together and can rise above 61.8% retracement.
Channel shows the tendency to lower prices
The rising parallel trend channel that is emphasized on the graph illustrates the potential for a possible support test near the lower trend line of the channel. Note that the upper channel line marked an area of resistance during various attempts to break out above the channel. Recently the rally to a trendhigh of $ 34.24 was a failed bullish breakout attempt. This means that there is a chance that the Bearish Pullback will continue and the possibility of approaching the lower trend line of the rising channel. But whether it does or not, may be a tendency to go to the lower limit of the channel.
Bull trend intact above 50 days Mon
Nevertheless, the advance of the $ 28.75 swing in December can be in the early stages in the consideration of the 50-day MA as an indicator for the rising trend. The 50-day line was recovered on January 29 and was successfully tested as support in late February. That low point was followed by a continuation of the bull trend with a higher Swing High last week.
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