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

aDDITIONAL IMPORTANT LEVELS

Overview
Today last price 24.33
Today Daily Change 0.05
Today Daily Change % 0.21%
Today daily open 24.28
 
Trends
Daily SMA20 24.07
Daily SMA50 25.88
Daily SMA100 22.81
Daily SMA200 19.56
 
Levels
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

 

 

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