Silver Price Analysis: Two-month-old resistance line lures the bulls above $18.00

Silver prices take the bids near 13-week top.
Sustained trading above 200-day SMA keeps the buyer hopeful amid bullish MACD.
Overbought RSI also questions the optimists below a nine-month-old resistance line.

Anil Panchal FXStreet

Silver nears the highest since February 27 while taking the bids around $18.08, intraday high of $18.13, up 1.2% on a day, during Monday’s Asian session.

Although overbought RSI conditions seem to probe the bulls, upbeat MACD and the bullion’s ability to remain beyond 200-day SMA speak louder of its strength.

As a result, an upward sloping trend line from April 07, at $18.32, lures the buyers, for now. However, failures to step back from the short-term resistance-line could propel the quote further towards a descending trend line from the early-September 2019, currently around $18.55.

Meanwhile, May 20 top near $17.63 could entertain the sellers during the pullback before a 200-day SMA level of $16.97.

Additionally, 61.8% Fibonacci retracement of the metal’s fall from September 2019 to March 2020, at $16.60, could challenge the bears afterward.

Silver daily chart

Trend: Bullish

Additional important levels

Overview
Today last price	18.06
Today Daily Change	0.21
Today Daily Change %	1.18%
Today daily open	17.85

Trends
Daily SMA20	16.36
Daily SMA50	15.42
Daily SMA100	16.31
Daily SMA200	16.95

Levels
Previous Daily High	17.91
Previous Daily Low	17.26
Previous Weekly High	17.91
Previous Weekly Low	16.85
Previous Monthly High	17.91
Previous Monthly Low	14.72
Daily Fibonacci 38.2%	17.66
Daily Fibonacci 61.8%	17.51
Daily Pivot Point S1	17.44
Daily Pivot Point S2	17.03
Daily Pivot Point S3	16.8
Daily Pivot Point R1	18.09
Daily Pivot Point R2	18.32
Daily Pivot Point R3	18.73

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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