Silver drops to $27.40, down 0.33% on a day, as markets in Tokyo open for trading on Friday. In doing so, the bullion snaps the previous two-day rise despite bullish MACD and a sustained run-up beyond the near-term key supports.
As a result, sellers are likely to take fresh entries, targeting Wednesday’s high of $26.30, if the quote drops below $27.00 round-figures.
Though, the white metal’s downside past-$26.30 will be challenged by 10-bar SMA level of $25.37 and an ascending trend line from July 28, at $23.43 now.
On the contrary, the commodity’s fresh rise beyond the latest high around $27.70 will aim for a descending trend line from August 06, currently around $28.50.
Additionally, buyers will not hesitate to challenge the recently refreshed multi-year high near $29.85 on the break of nearby resistance line.
Silver four-hour chart
Reprinted from FXStreet , the copyrights all reserved by the original author.
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