Silver Price Analysis: XAG/USD bulls step back from 100-DMA

Silver eases from key SMA, keeps late Friday’s pullback from seven-week top.
Bullish candlestick formation, MACD conditions keep buyers hopeful.
September’s high add to the upside filters, fortnight-old support line probe sellers.

Anil Panchal FXStreet

Silver (XAG/USD) stays mildly bid around $24.35 during early Monday.

The bright metal refreshed multi-day high the previous day before reversing from $24.82. In doing so, the quote potrayed a bullish candlestick, namely inverted hammer on the daily chart.

The bullish MACD signals and a fortnight-long support line also favor the XAG/USD bulls. However, 100-DMA near $24.55 guards the quote’s immediate upside.

Additionally challenging the silver buyers is a horizontal area comprising highs marked since early September, near $24.85.

In a case where the metal prices rally beyond $24.85, the $25.00 threshold may challenge the bulls ahead of directing them to the August month’s high of $26.00

On the flip side, a daily closing below an ascending support lien from October 12, around $23.85, becomes necessary for silver sellers to take entries.

Following that, mid-October high near $23.60 and a nine-week-old horizontal support, close to $22.90, will be in focus.

Silver: Daily chart

Trend: Further upside expected

Additional important levels

Overview
Today last price	24.36
Today Daily Change	0.04
Today Daily Change %	0.16%
Today daily open	24.32

Trends
Daily SMA20	22.96
Daily SMA50	23.32
Daily SMA100	24.56
Daily SMA200	25.5

Levels
Previous Daily High	24.83
Previous Daily Low	24.12
Previous Weekly High	24.83
Previous Weekly Low	23.01
Previous Monthly High	24.87
Previous Monthly Low	21.42
Daily Fibonacci 38.2%	24.56
Daily Fibonacci 61.8%	24.39
Daily Pivot Point S1	24.02
Daily Pivot Point S2	23.72
Daily Pivot Point S3	23.32
Daily Pivot Point R1	24.73
Daily Pivot Point R2	25.13
Daily Pivot Point R3	25.43

Author

Anil Panchal

FXStreet

Anil Panchal has nearly 15 years of experience in tracking financial markets. With a keen interest in macroeconomics, Anil aptly tracks global news/updates and stays well-informed about the global financial moves and their implications.

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