Silver Price Analysis: XAG/USD defends $24.00 after Thursday’s Doji above 10-DMA
- Silver struggles for clear direction after pausing two-day fall the previous day.
- Bullish candlestick, firmer RSI line favor buyers to aim for weekly resistance line.
- Monthly support line adds to the downside filters.
Silver (XAG/USD) seesaws around $24.00, after a sluggish daily performance, during Friday’s Asian session.
Even so, the previous day’s bullish Doji candlestick and firmer RSI line, not overbought, keeps buyers hopeful.
Hence, recovery moves towards the weekly resistance line near $24.30 by the press time can’t be ruled out. However, any further advances will be challenged by the $24.80-85 area comprising highs marked in September and October.
Even if the XAG/USD bulls cross the $24.85 hurdle, the $25.00 threshold acts as an additional resistance to watch.
Meanwhile, 10-DMA restricts the immediate downside of the metal around $24.00, a break of which will direct silver prices toward an ascending support line from September 30, close to $23.80.
Also acting as a downside filter is the mid-October peak surrounding $23.60, late September highs near $23.15 and the $23.00 round figure.
To sum up, silver prices may recover but the bulls have a bumpy road on the north to travel.
Silver: Daily chart
Trend: Recovery expected
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.
