Silver Price Analysis: XAG/USD bears set eyes on $24.15-10 support zone

Silver stays pressured after breaking two-week-old support line.
Failures to cross 200-DMA replicate pullback in Momentum to keep sellers hopeful.
Horizontal area from June adds to the upside filters.

Anil Panchal FXStreet

Silver (XAG/USD) extends the week-start U-turn from 200-DMA to $24.80 during the initial Asian session on Wednesday.

In doing so, the bright metal justifies the previous day’s downside break of an ascending trend line from November 03 amid a retreat in the Momentum line.

That said, the 61.8% Fibonacci retracement (Fibo.) of July-September fall, around $24.70, becomes immediate support for the metal before declining towards the $24.15-10 area comprising the 100-DMA and 50% Fibo.

In a case where the silver bears dominate past $24.10, the $24.00 threshold and highs marked during mid-October around $23.60 will be in focus.

Alternatively, the support-turned-resistance line around $25.00 and the 200-DMA level of $25.33 guards the quote’s recovery moves.

Also acting as the key resistance is the region including multiple levels marked since June around $25.50.

Silver: Daily chart

Trend: Further weakness expected

Additional important levels

Overview
Today last price	24.84
Today Daily Change	-0.26
Today Daily Change %	-1.04%
Today daily open	25.1

Trends
Daily SMA20	24.27
Daily SMA50	23.47
Daily SMA100	24.15
Daily SMA200	25.36

Levels
Previous Daily High	25.38
Previous Daily Low	24.91
Previous Weekly High	25.39
Previous Weekly Low	24.03
Previous Monthly High	24.83
Previous Monthly Low	22
Daily Fibonacci 38.2%	25.09
Daily Fibonacci 61.8%	25.2
Daily Pivot Point S1	24.88
Daily Pivot Point S2	24.66
Daily Pivot Point S3	24.41
Daily Pivot Point R1	25.35
Daily Pivot Point R2	25.6
Daily Pivot Point R3	25.82

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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