Silver Price Analysis: Bulls trying to retake control above $24.00
|- Silver bounces off intraday low to challenge the short-term resistance line.
- 50% Fibonacci retracement, 200-hour EMA add to the upside barriers.
- One-week-old rising trend line will probe the bears.
Silver prices take a U-turn from intraday low while rising to $24.25 during early Thursday. In doing so, the metal buyers attack a falling trend line from Tuesday and 50% Fibonacci retracement of October 29 to November 08 upside.
With the normal RSI conditions favoring continuation of the recent corrective recovery, the bullion can overcome the $24.30 immediate resistance confluence. Though, 200-hour EMA near $24.40 stands tall to challenge the bulls afterward.
It should, however, be noted that the precious metal’s ability to cross $24.40 will aim for Friday’s low near $24.90 before eyeing the upside move towards the $25.50 and the monthly peak surrounding $26.00.
Meanwhile, 61.8% Fibonacci retracement level near $23.90 offers nearby support to watch should the commodity refreshes intraday low of $24.09.
If at all the silver sellers dominate past-$23.90, an ascending trend line from previous Wednesday, at $23.80 now, will be in the spotlight.
Silver hourly chart
Trend: Sideways
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.