Silver Price Analysis: XAG/USD buyers battle key resistance around $24.50
|- Silver bulls catch a breather around the highest in one week.
- Four-month-old falling trend line guards immediate upside ahead of 100-day SMA.
- Bullish MACD, sustained trading beyond two-month-old support line favor buyers.
Having marked the biggest gains in over two weeks the previous day, silver takes rounds to $24.50 during the early Asian session on Wednesday. In doing so, the white metal struggles to clear a downward sloping trend line from August 07.
With the upbeat MACD conditions joining the commodity’s readiness to stay above a horizontal support area since mid-October, around $23.52/57, suggests the bullion’s further upside.
However, the 100-day SMA level of $25.10 adds to the upside filters beyond the stated resistance line, currently around $24.53.
In a case where silver prices cross $25.10, November’s top near $26.00 will be the key to watch.
Meanwhile, a downside break below the $23.52/57 support area can recall the metal sellers targeting the $23.00 threshold and October lows near $22.60.
During the quote’s further weakness past-$22.60, the previous month’s low near $21.90 and September’s trough close to $21.65 will lure the bears.
Silver daily 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.