Silver Price Analysis: Bulls to have a bumpy road despite crossing $24.00

Silver takes the bids above $24.00, prints three-day winning streak.
100-bar SMA, eight-day-old ascending trend line can offer immediate resistance.
A two-week-long support line holds the gate for sellers’ entry.

Anil Panchal FXStreet

Silver prices rise to the intraday high of $24.12, currently around $24.07, during Friday’s Asian session. The white metal recently picked bids on the break of the $24.00 round-figure. However, the key upside barriers challenge metal buyers.

Among them, the 100-bar SMA level of $24.17 will probe immediate upside ahead of an ascending trend line from September 29, currently around $24.65.

Also likely to challenge the silver prices is the $25.00 threshold and a falling trend line from September 01, at $25.43 now.

Meanwhile, a downside break below $24.00 may take a rest near $23.65 and $23.15 before highlighting an upward sloping trend line from September 25 surrounding $23.00.

In a case where the silver prices drop below $23.00, the previous month’s low of $21.65 will be in the spotlight.

Silver four-hour chart

Trend: Pullback expected

Additional important levels

Overview
Today last price	24.04
Today Daily Change	0.20
Today Daily Change %	0.84%
Today daily open	23.84

Trends
Daily SMA20	24.68
Daily SMA50	26.03
Daily SMA100	22.45
Daily SMA200	19.4

Levels
Previous Daily High	24.22
Previous Daily Low	23.66
Previous Weekly High	24.41
Previous Weekly Low	22.52
Previous Monthly High	28.9
Previous Monthly Low	21.66
Daily Fibonacci 38.2%	24
Daily Fibonacci 61.8%	23.87
Daily Pivot Point S1	23.59
Daily Pivot Point S2	23.35
Daily Pivot Point S3	23.04
Daily Pivot Point R1	24.15
Daily Pivot Point R2	24.46
Daily Pivot Point R3	24.71

Author

Anil Panchal

FXStreet

Anil Panchal has nearly 15 years of experience in tracking financial markets. With a keen interest in macroeconomics, Anil aptly tracks global news/updates and stays well-informed about the global financial moves and their implications.

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