Silver Price Analysis: XAG/USD pokes $25.00 to renew three-month top as Russia invades Ukraine
|Silver rises for the seventh consecutive day, firmer around the highest levels since January 18.
A successful break of 200-DMA, descending trend line from July 2021 adds strength to the bullish bias.
Silver (XAG/USD) refreshes three-month high, up 1.40% intraday around $95.00 as Russian military attacks Ukraine during early Thursday morning in Europe.
The bright metal tracks gold prices to print a seven-day uptrend amid bullish MACD signals.
Also favoring XAG/USD buyers is the sustained break of the 200-DMA and a downward sloping resistance from July 2021, now support.
However, the 50% Fibonacci retracement (Fibo.) of May-September 2021 declines, near $25.10, challenges intraday silver buyers.
Also acting as an upside hurdle is November 2021 high near $25.40, followed by the 61.8% Fibo. level surrounding $26.00.
Alternatively, pullback moves may have to conquer the previous resistance confluence including the multi-day-old descending trend line and the 200-DMA, around $24.30, to reject the latest bullish signals.
Even so, a two-week-long support line of $24.00 will act as an extra filter to the south.
Silver: Daily chart
Trend: Further upside expected
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