Silver Price Analysis: XAG/USD battles $24.00 as key SMAs probe monthly support break


  • Silver consolidates recent losses from a confluence of 50-bar and 100-bar SMAs.
  • Sustained break of seven-day-old rising trend line highlights fortnight-long horizontal support on the bear’s radar.
  • Bulls need to cross a falling resistance line from Tuesday for fresh entries.

Silver retraces the heaviest losses in two weeks around $23.90 during Thursday’s Asian session. The white metal’s declines the previous day could be traced to a downside break of an ascending trend line from November 30. Though, a confluence of important Simple Moving Averages (SMAs) probes the bears, for now.

Even so, the corrective bounce is yet to regain the trend line support, now resistance, which in turn directs the quote to multiple highs marked since November 25 around $23.55/50.

If at all the sellers keep the reins past-$23.50, November-end top near $22.70 and the previous month’s low near $21.90 will become their favorites.

On the contrary, an upside break of the previous support line, at $24.30 needs to cross the immediate resistance line, currently around $24.35, to recall the silver buyers targeting to refresh the monthly high of $24.86.

In doing so, the commodity bulls will eye November’s peak close to $26.00.

Silver four-hour chart

Trend: Pullback expected

Additional important levels

Overview
Today last price 23.89
Today Daily Change -0.67
Today Daily Change % -2.73%
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

 

 

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