Silver Price Analysis: XAG/USD battles short-term key resistances above $24.00
|- Silver keeps recovery moves from intraday low of $24.09.
- A two-week-old resistance line, the confluence of 100 and 200-bar SMAs probe the bulls.
- Sellers can look for entries below 61.8% Fibonacci retracement.
Silver prices rise to $24.25, up 0.32% intraday, amid Monday’s Asian session. In doing so, the white metal battles around a downward sloping trend line from November 08 while targeting to cross a joint of 100-bar and 200-bar SMAs
Considering the commodity’s ability to stay past-61.8% Fibonacci retracement of October 29 to November 08 upside, coupled with the normal RSI conditions, as favoring the silver buyers.
However, a clear above the immediate SMA confluence near $24.40 becomes necessary for the silver bulls to probe the mid-month peak surrounding $25.10.
Meanwhile, a downside break of the previous resistance line, at $24.18 now, can drag the quote back to the 61.8% Fibonacci retracement level of $23.89 whereas the $23.60 and $23.30 can entertain silver sellers afterward.
In a case where the bullion remains weak past-$23.30, the 23.00 round-figure and the monthly low near $22.60 should return to the charts.
Silver four-hour chart
Trend: Further recovery 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.