Technical Analysis: 100-bar EMA questions Silver sellers inside short-term triangle
Although lower high formation keeps the Silver bears hopeful, a one-month-old triangle and 100-bar EMA probe the downside bias. Among them, $26.25 becomes the immediate level, comprising the key EMA, to challenge the sellers ahead of the important support confluence near $24.50 including the said triangle's support line and 200-bar EMA. In a case where the commodity prices slip below $24.50, odds of witnessing the July 28 low near $22.30 can't be ruled out.
Meanwhile, the metal's bounce off the current levels may find $27.00 as adjacent upside barrier before the triangle resistance around $27.50 tames any further rise. Also acting as filters to the north are August 18 high of $28.42 and $29.85 that hold the key to the $30.00 psychological magnet.
In addition to the triangle formation that restricts the bullion's short-term moves, and anticipated caution before this week's Jackson Hole Symposium event also challenges immediate trading momentum.