Silver price has retested a historical support and is ready to follow up a long trade. We can see a daily confirmation of buyers in the POC zone. If the market makes a bounce in the zone we could see a retest of M L3 and M H3 levels. M L3 is 24.83 and 26.09 could be the target. For bulls to win this swing the price needs to stay above 23.00.
- Silver price turns lower for the second consecutive session on Wednesday.
- The set-up support prospects for a further intraday depreciating move.
- A sustained move beyond $24.00 is needed to negate the bearish bias.
Silver price struggled to preserve its modest intraday gains and refreshed daily lows during the early North American session. The commodity has now drifted into the negative territory for the second successive day and was last seen trading near mid-$23.00s confluence.
The mentioned area marks the 23.6% Fibonacci level of a sharp fall from monthly swing highs and 100-hour SMA. Given that the recent recovery faced rejection near the $24.00 mark on Tuesday, some follow-through selling might be seen as a trigger for bearish traders.
Meanwhile, technical indicators on the daily chart are holding deep in the bearish territory and are still far from being in the oversold zone. Moreover, oscillators on hourly charts have again started gaining negative momentum, adding credence to the bearish outlook.
Hence, a subsequent slide towards intermediate support, around the $23.15 region, remains a distinct possibility. The silver could slide further below the $23.00 round-figure mark and aim to challenge YTD lows, around the $22.20 region touched last Monday.
On the flip side, any meaningful positive move might continue to confront stiff resistance near the $23.90-$24.00 region. A sustained strength beyond might prompt some short-covering move and lift the silver towards the 50% Fibo. level, around the $24.35-40 area.
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