Silver Price Analysis: Buyers attack weekly resistance line above $26.00
|- Silver stays bid near intraday top, prints heaviest gains since Monday.
- Upbeat Momentum, sustained trading beyond monthly support line favor bulls.
- A six-week-old horizontal area becomes the key hurdle to the north.
Despite recently easing from an intraday high, silver prices print 0.56% gains on a day during Thursday’s Asian session. In doing so, the white metal battle a downward sloping trend line from April 21.
Given the metal’s multiple bounces off an ascending support line from March 18, silver is likely to pierce the $26.40 immediate hurdle.
However, the quote’s further upside will be stopped by a $26.60-65 resistance area that holds the key to silver’s rally towards March month high near $27.10.
Alternatively, pullback moves need to refresh the weekly low of $25.83 to recall silver sellers.
Following that, the 200-SMA level of $25.51 and April 13 low near $24.70 becomes the key to watch.
Overall, silver prices remain in an upward trajectory but pullback moves can’t be ruled out.
Silver four-hour chart
Trend: Further upside expected
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.