- Silver prints mild gains while piercing 50% Fibonacci retracement of October 06-12 upside.
- 100-HMA offers immediate resistance ahead of confirming the bullish chart pattern on hourly (1H) formation.
- 61.8% Fibonacci Retracement, Thursday’s low can challenge the bears.
Silver tries to keep the day-start gains while taking rounds to $24.20, up 0.22% intraday, during Monday’s Asian session. In doing so, the white metal pierces the 50% Fibonacci retracement level of the early-October upside.
While the upbeat RSI conditions favor the bullion’s further recovery towards the 100-HMA level of $24.32, its additional rise will be tamed by the neckline of the inverse head-and-shoulders patterns, at $24.50 now.
Alternatively, the $24.00 round-figure can offer immediate support ahead of the 61.8% Fibonacci retracement level of $23.90.
Also acting as the key supports below $23.90 are Thursday’s low near $23.57 and the monthly bottom surrounding $23.05.
Source from https://www.fxstreet.com/news/silver-price-analysis-xag-usd-prints-inverse-head-and-shoulders-on-1h-202010190106