Silver bears await rising wedge confirmation to retake controls

Silver prices remain pressured inside a short-term bearish chart pattern, rising wedge, amid the early Tuesday’s trading. In doing so, the bright metal also justifies the pullback from the one-week-old resistance line. Hence, the bears are firming the grips but need conviction. For that matter, the sellers await a clear downside break of $25.90 to confirm the bearish formation and attack the $25.50 key support. It should, however, be noted that the quote’s sustained weakness below $25.50 will find multiple hurdles around $24.80 before challenging the yearly low surrounding $23.75.

Meanwhile, a monthly resistance line close to $26.30, followed by the wedge’s upper boundary near $26.35, could keep testing short-term silver bulls. However, any further upside will not hesitate to refresh the monthly top of $26.75. For that matter, the $27.00 threshold and the mid-June tops close to $27.80 will be in focus.