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.
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
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.
