Silver Price Analysis: XAG/USD again battles four-month-old resistance line below $25.00

Silver refreshes intraday low after stepping back from three-week top.
Key resistance line, 100-day SMA challenge bulls amid normal RSI conditions.
Bears will look for entries below 21-day SMA.

Anil Panchal FXStreet

Silver prices bounce off an intraday low of $24.51, currently down 0.05% to $24.55, during Wednesday’s Asian session. In doing so, the white metal marks another pullback from the key resistance line stretched from August 07 despite rising to the highest since November 16 before a few hours.

Considering the strength of the resistance line, coupled with the normal RSI curve, the commodity is likely to ease further towards revisiting the 21-day SMA support near $24.00.

However, eight-week-old horizontal support around $23.55/50 can challenge the metal’s downside past-$24.00, failing to do so will highlight the November 30 low of $21.89 for silver sellers.

On the contrary, an upside clearance of the stated trend line resistance, at $24.70 isn’t enough to convince the bulls as the 100-day SMA level of $25.08 and November’s high near $26.00 offer additional filters to the north.

Overall, the bullion prices are likely to witness fresh pullback but the downside can be limited.

Silver daily chart

Trend: Pullback expected

Additional important levels

Overview
Today last price	24.56
Today Daily Change	0.00
Today Daily Change %	0.00%
Today daily open	24.56

Trends
Daily SMA20	23.96
Daily SMA50	24.12
Daily SMA100	25.07
Daily SMA200	20.76

Levels
Previous Daily High	24.87
Previous Daily Low	24.43
Previous Weekly High	24.41
Previous Weekly Low	21.9
Previous Monthly High	26.01
Previous Monthly Low	21.9
Daily Fibonacci 38.2%	24.7
Daily Fibonacci 61.8%	24.6
Daily Pivot Point S1	24.37
Daily Pivot Point S2	24.18
Daily Pivot Point S3	23.94
Daily Pivot Point R1	24.81
Daily Pivot Point R2	25.06
Daily Pivot Point R3	25.25

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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