Silver Price Analysis: XAG/USD bulls attack 50% Fibonacci retracement, 200-HMA to keep $24.00


  • Silver keeps bounces off a three-day low of $23.93 flashed the previous day.
  • U-turn from 61.8% Fibonacci retracement, MACD conditions favor further recovery.
  • Multiple supports can challenge the bears before September month’s low under $22.00.

Silver prints mild gains while flashing $24.18 as a quote, up 0.17% intraday, during Wednesday’s Asian session. In doing so, the commodity holds its pullback moves from 61.8% Fibonacci retracement of October 06-12 upside.

Not only the white metal’s recovery from the key Fibonacci support but the MACD conditions, currently teasing bulls, also favor the buyers’ return.

Even so, a clear break above the $24.20/25 confluence including 200-HMA and 50% Fibonacci retracement becomes necessary for the bulls to target the $24.60 resistance. Also likely to challenge silver bulls is a six-day-old the ascending trend line near $25.00.

During the metal’s further upside beyond the $25.00 threshold, the $25.25 and the monthly peak close to $25.60 will be in the spotlight.

Meanwhile, silver weakness below the 61.8% Fibonacci retracement level around $23.90 will have multiple stops close to $23.60 and $23.30 before challenging the monthly bottom close to $22.87.

Silver hourly chart

Trend: Further recovery expected

Additional important levels

Overview
Today last price 24.18
Today Daily Change 0.04
Today Daily Change % 0.17%
Today daily open 24.14
 
Trends
Daily SMA20 24.35
Daily SMA50 26.03
Daily SMA100 22.67
Daily SMA200 19.5
 
Levels
Previous Daily High 25.2
Previous Daily Low 23.94
Previous Weekly High 25.18
Previous Weekly Low 22.88
Previous Monthly High 28.9
Previous Monthly Low 21.66
Daily Fibonacci 38.2% 24.42
Daily Fibonacci 61.8% 24.72
Daily Pivot Point S1 23.65
Daily Pivot Point S2 23.16
Daily Pivot Point S3 22.39
Daily Pivot Point R1 24.91
Daily Pivot Point R2 25.69
Daily Pivot Point R3 26.18

 

 

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