Silver down over 3% on the day as buyers show further signs of exhaustion for now

Technical Analysis

Author: Justin Low | xag

Silver falls to $23.50 and back under its 100-hour moving average

Silver 30-07
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The moves in silver and gold remain a major theme in the market this week and we are seeing further signs of a pullback with silver down by over 3% on the session now.

More notably, price action is starting to break its 100-hour MA (red line) after having twice moved below that but only to hold at that level in the end this week.

If anything, this points to further signs of exhaustion on the part of buyers - for now.

Gold is also down by nearly 1% to $1,951.75 currently as the dollar is keeping firmer.

In the case of silver, there is some support from the overnight low @ $23.34 next but the 28 July low @ $22.31 will be one to watch moving forward if sellers are to try and push for a sharper pullback after the parabolic rise over the past two weeks.

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