Silver Price Analysis: Buyers attack weekly resistance line above $26.00
- Silver stays bid near intraday top, prints heaviest gains since Monday.
- Upbeat Momentum, sustained trading beyond monthly support line favor bulls.
- A six-week-old horizontal area becomes the key hurdle to the north.
Despite recently easing from an intraday high, silver prices print 0.56% gains on a day during Thursday’s Asian session. In doing so, the white metal battle a downward sloping trend line from April 21.
Given the metal’s multiple bounces off an ascending support line from March 18, silver is likely to pierce the $26.40 immediate hurdle.
However, the quote’s further upside will be stopped by a $26.60-65 resistance area that holds the key to silver’s rally towards March month high near $27.10.
Alternatively, pullback moves need to refresh the weekly low of $25.83 to recall silver sellers.
Following that, the 200-SMA level of $25.51 and April 13 low near $24.70 becomes the key to watch.
Overall, silver prices remain in an upward trajectory but pullback moves can’t be ruled out.
Silver four-hour chart
Trend: Further upside 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.
