Silver Price Analysis: Mildly bid above $24.00 after Thursday’s Dragonfly doji

  • Silver probes intraday high of $24.41 after posting a bullish candlestick on D1 the previous day.
  • Sustained trading below 1.5-month-old falling trend line favors the sellers.
  • 50-day SMA and a three-week-old rising line add to the upside barrier.

Silver prices keep recovery moves, portrayed during Thursday’s US session, while rising from $24.33 to $24.34 during Friday’s Asian trading.

In doing so, the white metal respects the Dagonfly Doji, bullish candlestick, formation on the daily (D1) chart for the previous day while also cheering bullish MACD. On the contrary, the bears can be hopeful while watching a downward sloping trend line from September 01.

As a result, silver sellers can only likely to retake controls if successfully breaking the $24.00 round-figure ahead of visiting the confluence of 100-day SMA and the monthly low near $22.85/90.

Additionally, the $23.60 and the $23.00 may act as buffers during the fall that can attack the September month’s low of $21.65 on the downside break of $22.85 support.

On the flip side, a six-week-old resistance line near $24.65 offers immediate resistance to the bullion buyers before directing them to the monthly high of $25.56.

However, no further advances can be expected beyond $25.56 unless the quote manages to cross the 50-day SMA level of $25.80, followed by a successful clearance of an ascending trend line from September 23, at $25.90.

Silver daily chart

Trend: Pullback expected


Today last price 24.33
Today Daily Change 0.05
Today Daily Change % 0.21%
Today daily open 24.28
Daily SMA20 24.07
Daily SMA50 25.88
Daily SMA100 22.81
Daily SMA200 19.56
Previous Daily High 24.31
Previous Daily Low 23.57
Previous Weekly High 25.18
Previous Weekly Low 22.88
Previous Monthly High 28.9
Previous Monthly Low 21.66
Daily Fibonacci 38.2% 24.03
Daily Fibonacci 61.8% 23.85
Daily Pivot Point S1 23.79
Daily Pivot Point S2 23.31
Daily Pivot Point S3 23.05
Daily Pivot Point R1 24.53
Daily Pivot Point R2 24.79
Daily Pivot Point R3 25.28



Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.

Feed news

Latest Forex News

Latest Forex News

Editors’ Picks

EUR/USD bounces to stabilize around 1.1750

Fears keep ruling the financial boards as rising COVID-19 cases lead to fresh lockdowns across the Union, Germany included. Dollar correcting extreme overbought conditions.


GBP/USD falls below 1.30 amid fears of a UK lockdown, Brexit impasse

GBP/USD has dropped below 1.30 as the British government mulls a new lockdown to curb the spread of coronavirus. The pound is also pressured by the Brexit impasse.


XAU/USD hits fresh monthly lows near $1,870 and remains vulnerable

Gold is falling sharply and is down almost two percent, even after trimming losses. XAU/USD tumbled to $1,868/oz reaching the lowest level since late-September.

Gold News

Bank of Canada leaves policy rate unchanged at 0.25% as expected

In a widely expected decision, the Bank of Canada (BoC) announced on Wednesday that it left its key rate unchanged at 0.25% following its October policy meeting.

Read more

WTI bounces off lows near $37.00/bbl post-EIA

Prices of the WTI remain on the defensive albeit off lows. Demand concerns dragged prices to 3-week lows near $37.00. EIA reported an unexpected 4.3 mb build during last week.

Oil News