- Silver Price remains firmer at monthly high after crossing the 200-SMA.
- Upside break of previous key resistance area, bullish MACD signals suggest further advances of XAG/USD.
- Overbought RSI hints at limited upside room and highlights lows marked during late April as immediate resistance.
Silver Price (XAG/USD) grinds near the highest level in a month, making rounds to $24.30 early Friday morning. In doing so, the bright metal cheers upside break of the 200-SMA amid a bullish MACD signal.
Adding strength to the upside bias is the XAG/USD run-up beyond the previously important resistance zone of around $24.00-24.05.
However, the nearly overbought RSI conditions challenge the Silver buyers as they approach a horizontal hurdle comprising lows marked during late April, around $24.50. Also acting as an upside filter is the May 02 bottom surrounding $24.60.
Following that, a run-up towards $26.00 and the previous monthly high of around $26.15 can’t be ruled out.
On the flip side, a break of the 200-SMA level of $24.20 could quickly recall the XAG/USD sellers targeting the $24.05-24.00 resistance-turned-support.
In a case where the Silver Price remains bearish past $24.00, a fortnight-old ascending trend line near $23.50 can act as the last defense of the XAG/USD buyers.
Overall, the Silver Price is likely to remain firmer but the upside room appears limited as the US Dollar bears take a breather.
Silver Price: Four-hour chart
Trend: Limited upside expected
Additional important levels
|Today last price||24.34|
|Today Daily Change||0.07|
|Today Daily Change %||0.29%|
|Today daily open||24.27|
|Previous Daily High||24.36|
|Previous Daily Low||23.43|
|Previous Weekly High||24.02|
|Previous Weekly Low||22.93|
|Previous Monthly High||26.14|
|Previous Monthly Low||22.68|
|Daily Fibonacci 38.2%||24|
|Daily Fibonacci 61.8%||23.79|
|Daily Pivot Point S1||23.68|
|Daily Pivot Point S2||23.09|
|Daily Pivot Point S3||22.76|
|Daily Pivot Point R1||24.61|
|Daily Pivot Point R2||24.94|
|Daily Pivot Point R3||25.53|
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