Silver Price Analysis: XAG/USD battles short-term key resistances above $24.00


  • Silver keeps recovery moves from intraday low of $24.09.
  • A two-week-old resistance line, the confluence of 100 and 200-bar SMAs probe the bulls.
  • Sellers can look for entries below 61.8% Fibonacci retracement.

Silver prices rise to $24.25, up 0.32% intraday, amid Monday’s Asian session. In doing so, the white metal battles around a downward sloping trend line from November 08 while targeting to cross a joint of 100-bar and 200-bar SMAs

Considering the commodity’s ability to stay past-61.8% Fibonacci retracement of October 29 to November 08 upside, coupled with the normal RSI conditions, as favoring the silver buyers.

However, a clear above the immediate SMA confluence near $24.40 becomes necessary for the silver bulls to probe the mid-month peak surrounding $25.10.

Meanwhile, a downside break of the previous resistance line, at $24.18 now, can drag the quote back to the 61.8% Fibonacci retracement level of $23.89 whereas the $23.60 and $23.30 can entertain silver sellers afterward.

In a case where the bullion remains weak past-$23.30, the 23.00 round-figure and the monthly low near $22.60 should return to the charts.

Silver four-hour chart

Trend: Further recovery expected

Additional important levels

Overview
Today last price 24.26
Today Daily Change 0.08
Today Daily Change % 0.33%
Today daily open 24.18
 
Trends
Daily SMA20 24.26
Daily SMA50 24.45
Daily SMA100 24.53
Daily SMA200 20.41
 
Levels
Previous Daily High 24.53
Previous Daily Low 23.91
Previous Weekly High 25.08
Previous Weekly Low 23.64
Previous Monthly High 25.56
Previous Monthly Low 22.59
Daily Fibonacci 38.2% 24.29
Daily Fibonacci 61.8% 24.15
Daily Pivot Point S1 23.88
Daily Pivot Point S2 23.59
Daily Pivot Point S3 23.26
Daily Pivot Point R1 24.5
Daily Pivot Point R2 24.83
Daily Pivot Point R3 25.12

 

 

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