Silver Price Analysis: XAG/USD bears eye monthly support line below $24.00

Silver remains offered for the third consecutive day, refreshes intraday low.
12-day-old support line breakdown joins bearish MACD signals to favor sellers.
Weekly falling trend line adds to the resistance.

Anil Panchal FXStreet

Silver takes offered around $23.95, down 0.37% intraday, to refresh the daily lows during early Thursday. In doing so, the bright metal extends the previous day’s downside break of two-week-old support, now resistance, while also printing a three-day south-run.

Given the bearish MACD signals joining the recent support break, XAG/USD sellers are hopeful to challenge an ascending support line from September 30, near $23.60.

However, any further weakness past $23.60 will be challenged by the 200-SMA level near the $23.00 round-figure, a break of which will direct silver sellers toward a 61.8% Fibonacci retracement level of September 29 to October 22 upside, around $22.70.

Alternatively, a one-week-long resistance line around $24.15 guards the quote’s immediate upside ahead of the previous support line near $24.25.

During the XAG/USD upside beyond $24.25, the monthly high near $24.85 and September’s peak close to $24.90 will be crucial levels to watch.

Silver: Four-hour chart

Trend: Further weakness expected

Additional important levels

Overview
Today last price	24
Today Daily Change	-0.06
Today Daily Change %	-0.25%
Today daily open	24.06

Trends
Daily SMA20	23.27
Daily SMA50	23.36
Daily SMA100	24.45
Daily SMA200	25.49

Levels
Previous Daily High	24.26
Previous Daily Low	23.84
Previous Weekly High	24.83
Previous Weekly Low	23.01
Previous Monthly High	24.87
Previous Monthly Low	21.42
Daily Fibonacci 38.2%	24
Daily Fibonacci 61.8%	24.1
Daily Pivot Point S1	23.85
Daily Pivot Point S2	23.64
Daily Pivot Point S3	23.43
Daily Pivot Point R1	24.27
Daily Pivot Point R2	24.47
Daily Pivot Point R3	24.68

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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