- 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|
|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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