Silver Forecast for Today: Silver price (White Metal) fades corrective pullback from the monthly low marked the previous day as it renews its daily bottom around $18.92 during Tuesday’s Asian session. In doing so, the bright metal justifies the downbeat oscillators while extending the six-day downtrend below a one-week-old descending resistance line.Gold Price Forecast: Below $1744 Target Key Level $1735—$1720: Silver Forecast for Today: Daily Close Above $20.20 Needed For Silver to Move Up
That said, the quote’s further weakness eyes the yearly low marked in July at around $18.20, before hitting the $18.00 threshold.
It’s worth noting that the Silver weakness past $18.00 could quickly direct bears towards the 61.8% Fibonacci Expansion (FE) of late April to mid-August moves, around $17.45.
However, a convergence of the downward sloping support line from May 13 and 78.6% FE, near $16.50 could challenge the bears afterward.
Meanwhile, recovery moves need validation from the weekly resistance line, at $19.10 by the press time.
Following that, the 21-DMA and the monthly high could challenge the silver buyer at around $19.80 and $20.20 respectively.
Silver should provide a daily close above $20.20 for buyers to call back.
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