Silver Price Analysis: XAG/USD extends 200-HMA breakout towards immediate resistance line
- Silver prices keep recovery gains from $26.29 to stay firmer above $27.00.
- Bullish MACD, successful break of key HMA favor buyers.
- Sellers look for a daily closing below $26.00 for fresh entries.
Silver prints 0.23% gains while taking rounds to $27.07 during the early Friday. In doing so, the white metal keeps its upside break of 200-HMA while targeting a descending trend line from Tuesday.
Other than the sustained strength beyond the key HMA, the MACD also flashes bullish signals to propel silver prices towards $27.20 immediate upside barrier.
Should the bulls manage to cross $27.20, $27.50 and the mid-September top near $27.65 could lure the bulls before highlighting the monthly high close to $28.90.
Alternatively, a downside break of the 200-HMA level of $26.96 can take rest near $26.70 ahead of revisiting Thursday’s low around $26.30.
However, there are multiple supports near $26.00, followed by the monthly low near $25.85, to challenge the sellers below $26.30.
Silver hourly chart
Trend: Further 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.
