Silver Price Analysis: XAG/USD extends 200-HMA breakout towards immediate resistance line
|- Silver prices keep recovery gains from $26.29 to stay firmer above $27.00.
- Bullish MACD, successful break of key HMA favor buyers.
- Sellers look for a daily closing below $26.00 for fresh entries.
Silver prints 0.23% gains while taking rounds to $27.07 during the early Friday. In doing so, the white metal keeps its upside break of 200-HMA while targeting a descending trend line from Tuesday.
Other than the sustained strength beyond the key HMA, the MACD also flashes bullish signals to propel silver prices towards $27.20 immediate upside barrier.
Should the bulls manage to cross $27.20, $27.50 and the mid-September top near $27.65 could lure the bulls before highlighting the monthly high close to $28.90.
Alternatively, a downside break of the 200-HMA level of $26.96 can take rest near $26.70 ahead of revisiting Thursday’s low around $26.30.
However, there are multiple supports near $26.00, followed by the monthly low near $25.85, to challenge the sellers below $26.30.
Silver hourly 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.