Silver Price Analysis: XAG/USD bulls seek validation around $24.50


  • Silver remains sidelined after two-day uptrend to seven-week high.
  • Short-term horizontal resistance, downbeat Momentum line challenge bulls.
  • Previous resistance from early October, 200-SMA guard short-term downside.

Silver (XAG/USD) bulls seem tiring around $24.55 following the two-day run-up to the multi-day high.

That said, the quote seesaws during Tuesday’s Asian session while keeping the last week’s upside break of the resistance line from October 03, now support around $24.25, as well as the 200-SMA level of $23.03.

However, descending Momentum line and failures to cross September’s peak challenge the XAG/USD buyers around $24.90.

Also acting as an upside barrier is the $25.00 round figure, a break of which will direct silver buyers towards the August month’s top near $26.00.

On the contrary, the stated resistance-turned-support and 200-SMA, respectively near $24.25 and $23.00, restrict short-term declines of the metal.

Should the quote drops below $23.00, the bearish momentum could escalate towards the monthly low of $21.99 before challenging the previous month’s trough surrounding $21.40.

Silver: Four-hour chart

Trend: Pullback expected

Additional important levels

Overview
Today last price 24.56
Today Daily Change -0.01
Today Daily Change % -0.04%
Today daily open 24.57
 
Trends
Daily SMA20 23.06
Daily SMA50 23.33
Daily SMA100 24.52
Daily SMA200 25.5
 
Levels
Previous Daily High 24.62
Previous Daily Low 24.29
Previous Weekly High 24.83
Previous Weekly Low 23.01
Previous Monthly High 24.87
Previous Monthly Low 21.42
Daily Fibonacci 38.2% 24.5
Daily Fibonacci 61.8% 24.42
Daily Pivot Point S1 24.37
Daily Pivot Point S2 24.17
Daily Pivot Point S3 24.04
Daily Pivot Point R1 24.7
Daily Pivot Point R2 24.82
Daily Pivot Point R3 25.03

 

 

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