Silver Price Analysis: Upside momentum fizzles above $25.00

Silver bulls catch a breather around one-month high.
50-day SMA offers immediate support, bulls to have a bumpy road ahead.

Anil Panchal FXStreet

Silver prices drop to $25.14, down 0.98% intraday, as markets in Tokyo open for Friday’s trading. The white metal surged to the highest since October 12 the previous day while crossing 50-day SMA.

However, the inability to cross a broad horizontal resistance area comprising the lows marked during the mid-August and early-September, as well as October high, seems to drag the quote off-late.

Should the bullion declines below the nearby rest-point of 50-day SMA, at $25.00 now, multiple stops around $24.55/50 can please the silver sellers ahead of highlighting the one-week-old support line, at $23.55 now.

Meanwhile, a clear break of the $25.55/85 resistance region will escalate the commodity’s rise towards a falling trend line from September 01, currently around $26.30.

During the silver bulls’ reign past-$26.30, the mid-September peak surrounding $27.60 will gain market attention.

Silver daily chart

Trend: Pullback expected

Additional important levels

Overview
Today last price	25.16
Today Daily Change	-0.22
Today Daily Change %	-0.87%
Today daily open	25.38

Trends
Daily SMA20	24.35
Daily SMA50	25.05
Daily SMA100	23.8
Daily SMA200	20.04

Levels
Previous Daily High	25.42
Previous Daily Low	23.87
Previous Weekly High	24.68
Previous Weekly Low	22.59
Previous Monthly High	25.56
Previous Monthly Low	22.59
Daily Fibonacci 38.2%	24.83
Daily Fibonacci 61.8%	24.47
Daily Pivot Point S1	24.36
Daily Pivot Point S2	23.34
Daily Pivot Point S3	22.81
Daily Pivot Point R1	25.91
Daily Pivot Point R2	26.44
Daily Pivot Point R3	27.46

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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