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.

Anil Panchal FXStreet

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

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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