Silver Price Analysis: Attempts recovery inside weekly falling channel

• Silver prices pick up the bids from $26.34, stay inside a short-term bearish chart pattern.
• Bearish MACD signals also challenge the upside momentum.
• Monthly support line, 200-bar SMA offer strong levels to the south.

Silver prices rise to $26.64, up 0.12% on a day, during the pre-Tokyo trading on Tuesday. Even so, the white metal keeps the seven-day-old descending trend-channel intact. Also questioning the bullion’s latest pullback are bearish MACD signals.

Hence, buyers are less likely to be convinced unless the quote defies $27.15 resistance, a break of which could escalate the recovery moves towards August 18 top near $28.50.

It should, however, be noted that the monthly top near $29.85 and $30.00 psychological magnet will be the key upside barriers to watch past-$28.50.

Alternatively, the channel’s support line near $25.60 will become the immediate rest during the commodity’s fresh declines.

In a case where silver prices fail to bounce off $25.60, an ascending trend line from July 28 and 200-bar SMA, respectively around $24.35 and $24.10, will be in the spotlight.

Silver four-hour chart

Trend: Sideways