Technical Analysis: Silver sellers look for entry below monthly support line
Although bearish MACD and sustained trading below 200-bar SMA keep silver sellers hopeful, an upward sloping trend line from September 24, at $23.96 now, probe the bears' entry. Should the bullion breaks the short-term key support line, the monthly bottom near $22.85 holds the gate for the white metal's further weakness towards the previous month's low surrounding $21.65. If at all the silver prices remain weak past-$21.65, odds of witnessing the $20.00 on the charts can't be ruled out.
On the upside, a 200-bar SMA level of $25.13 precedes the month's top near $25.55 to challenge the metal buyers. Although likely overbought conditions can stop the quote's further upside beyond $25.55, September 17 low near $26.30 and the mid-September peak surrounding $27.60 should return to the charts.