Ella 
Silver extended last week’s pullback from the psychological $25.00 mark, or peak in more than a month, and continued its decline for a fifth straight day on Tuesday. Silver’s losses continued during early European trading and dragged the metal to a two-week low near $23.65 in the final hour.
From a technical standpoint, a sustained break below the 200-period simple moving average (SMA) around $23.80-$23.75 area on the 4-hour chart could act as a fresh trigger for bearish traders. Additionally, oscillators on the daily chart are just starting to gain negative traction, supporting the prospect of further depreciation in the near term. Nonetheless, the relative strength index (RSI) on the hourly chart shows oversold conditions, which could help silver/dollar to consolidate around current levels, which are the 50% Fibonacci retracement of the $22.25-$25.00 rally Withdraw.
However, if it falls below this level, silver will accelerate its decline towards the 61.8% Fibonacci level, which is around $23.30-23.25, and then towards the round mark of $23.00. The downward trajectory could extend further and drag silver/dollar further below the $22.65-$22.60 area, challenging strong horizontal support around the $22.20-$22.10 area.
On the other hand, the 200-period moving average breakout point near $23.75-23.80 now appears to be an immediate obstacle before the $24.00 round mark. The latter is the 38.2% Fibonacci retracement, above which a short-covering move could push SGD/USD towards the 23.6% Fibonacci retracement, around $24.30-$24.35. Some follow-through buying could expose four-month-old downtrend line resistance, currently around $24.70-$24.75. A sustained breakout leading to subsequent strength above the $25.00 mark could shift the bias among bullish traders.
