Silver Price Analysis: XAG/USD defends $24.00 on mixed technical signals
- Silver keeps late Thursday’s rebound, picks up bids of late.
- Spinning top candlestick below 200-day EMA challenge upside moves.
- Previous resistance line, firmer RSI keep buyers hopeful.
Silver (XAG/USD) picks up bids to $24.20, up 0.10% intraday amid Friday’s Asian session.
The bright metal jumped to the highest levels since September 07 the previous day before snapping a two-day uptrend, which in turn portrayed a bearish spinning top candlestick on the daily chart. Also keeping the sellers hopeful is the commodity’s pullback below the 200-day EMA.
However, the resistance-turned-support from July 06, around $23.95 by the press time, joins the firmer RSI line to challenge the quote’s further weakness.
Also acting as a downside filter is another trend line support from early July, near $23.30. It’s worth observing that a monthly ascending trend line at $23.15 adds to the supports and challenge the XAG/USD bears.
On the contrary, an upside break of a 200-day EMA level of $24.54 needs validation from September’s high of $24.86 before targeting the August month’s peak of $26.00.
Overall, silver prices grind higher but need a strong push to the north.
Silver: Daily chart
Trend: Further upside 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.
