Silver Price Analysis: XAG/USD battles key SMA resistance around $24.00

Silver prices print mild gains after Wednesday’s downbeat performance.
A three-week-old falling trend line on the bulls’ radars, weekly support line blocks sellers’ entry.
MACD suggests further recovery but a clear break of $24.50 becomes necessary.

Anil Panchal FXStreet

Silver picks up the bids near $24.05, up 0.64% intraday, during Thursday’s Asian session. In doing so, the white metal confronts 200-bar SMA after bouncing off $23.22 amid mildly bullish MACD signals.

However, the silver bulls will need a clear break above the previous day’s high of $24.50 to challenge a short-term resistance line from October 12, currently around $24.90.

Also acting as the upside barrier, beyond $24.90, will be the $25.00 threshold.

On the downside, an ascending trend line from last Thursday, at $23.40 now, offers immediate support during the quote’s pullback moves.

If the silver sellers dominate past-$23.40, The recent bottom surrounding $23.20 and the $23.00 round-figure will be additional challenges for them ahead of eyeing the previous month’s low near $22.60.

Silver four-hour chart

Trend: Further recovery expected

Additional important levels

Overview
Today last price	24.02
Today Daily Change	0.12
Today Daily Change %	0.50%
Today daily open	23.9

Trends
Daily SMA20	24.27
Daily SMA50	25.08
Daily SMA100	23.72
Daily SMA200	20

Levels
Previous Daily High	24.51
Previous Daily Low	23.23
Previous Weekly High	24.68
Previous Weekly Low	22.59
Previous Monthly High	25.56
Previous Monthly Low	22.59
Daily Fibonacci 38.2%	23.72
Daily Fibonacci 61.8%	24.02
Daily Pivot Point S1	23.25
Daily Pivot Point S2	22.6
Daily Pivot Point S3	21.97
Daily Pivot Point R1	24.53
Daily Pivot Point R2	25.16
Daily Pivot Point R3	25.81

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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