• Silver picks up bids to print mild gains, reverses late Thursday’s pullback from two-month high.
  • Sustained break of eight-month-old descending trend line, bullish MACD favor further upside.
  • 200-DMA, resistance line from July tests immediate upside momentum.
  • Sellers must break fortnight-old support line for fresh entry.

Silver (XAG/USD) remains firmer around an intraday high of $24.52, up 0.08% on a day heading into Friday’s European session.

The bright mental jumped to the highest since the previous day before taking a U-turn from $24.70.

In doing so, the commodity prices reversed from a downward sloping resistance line from July.

However, a clear upside break of an eight-month-old resistance line, now support near $24.20, joins bullish MACD signals to keep XAG/USD buyers hopeful.

That said, the metal’s latest upside aims for the 200-DMA level of $24.61 ahead of the stated resistance line near $24.70.

Though, a daily closing beyond the $24.70 will quickly propel the quote towards November’s peak of $25.40.

On the contrary, pullback moves remain elusive beyond the descending resistance-turned-support line from May, near $24.20.

Following that, a downward trajectory towards December’s high near $23.45 can’t be ruled out. Even so, silver sellers should remain cautious until witnessing a clear downside break of a two-week-old support line around $23.15.

Silver: Daily chart

Trend: Further upside expected

Additional important levels

Today last price 24.49
Today Daily Change 0.03
Today Daily Change % 0.12%
Today daily open 24.46
Daily SMA20 23.05
Daily SMA50 23.09
Daily SMA100 23.27
Daily SMA200 24.62
Previous Daily High 24.7
Previous Daily Low 24.08
Previous Weekly High 23.31
Previous Weekly Low 22.2
Previous Monthly High 23.44
Previous Monthly Low 21.42
Daily Fibonacci 38.2% 24.46
Daily Fibonacci 61.8% 24.32
Daily Pivot Point S1 24.12
Daily Pivot Point S2 23.79
Daily Pivot Point S3 23.5
Daily Pivot Point R1 24.75
Daily Pivot Point R2 25.04
Daily Pivot Point R3 25.37



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