Silver Price Analysis: XAG/USD holds gains above $24.00 on the way to 100-DMA
|- Silver edges higher at six-week top, prints three-day uptrend.
- Break of descending trend line from July, bullish MACD favor buyers.
- Three-month-old horizontal area challenges upside past 100-DMA.
Silver (XAG/USD) holds onto the previous two-day uptrend above $24.00, up 0.25% intraday around $24.35 during early Thursday.
In doing so, the bright metal justifies the upside break of a descending resistance line from July, now support near $24.00.
The trendline breakout joins the bullish MACD signals to direct XAG/USD buyers towards a 100-DMA level of $24.60
However, any further upside past $24.60 will be challenged by multiple levels marked since late July, also comprising September highs, near $24.80-85.
Meanwhile, silver sellers may not take the risk of entry until the quote stays beyond $24.00.
Even on a downside break of the resistance-turned-support, the commodity prices remain on the bull’s radar until breaking $23.00 support including 23.6% Fibonacci retracement of May-September fall.
Overall, silver remains in the bullish trend with a bumpy road ahead.
XAG/USD: Daily chart
Trend: Further upside expected
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