- Silver retreats after refreshing 13-day high, keeps bounce off 100-DMA.
- Bullish MACD signals also underpin run-up towards 200-DMA.
- Seven-month-old resistance line acts as the key hurdle.
Silver (XAG/USD) pares intraday gains around $23.65, up 0.10% on a day during the mid-Asian session on Monday.
The bright metal refreshed multi-day low during the early Asian session before easing from $23.78.
The pullback moves, however, remain above the 100-DMA amid bullish MACD signals, which in turn keeps the buyers hopeful until the quote drops below the stated SMA support, around $23.20 by the press time.
Also acting as downside filters are 23.6% Fibonacci retracement (Fibo.) of July-September declines and a five-week-long horizontal support zone, respectively around $22.70 and $22.00.
Alternatively, XAG/USD upside eyes $24.00 threshold as the immediate resistance ahead of confronting the 50% Fibo. near $24.10.
It should be noted, though, that the quote’s upside past $24.10 will be challenged by the 200-DMA and a descending trend line from July, near $24.35 and $24.45 in that order.
Overall, silver prices are likely to advance further but the upside is seen as limited.
Silver: Daily chart
Trend: Further upside expected
Additional important levels
|Today last price||23.62|
|Today Daily Change||0.01|
|Today Daily Change %||0.04%|
|Today daily open||23.61|
|Previous Daily High||23.69|
|Previous Daily Low||22.86|
|Previous Weekly High||23.72|
|Previous Weekly Low||22.49|
|Previous Monthly High||24.7|
|Previous Monthly Low||21.96|
|Daily Fibonacci 38.2%||23.37|
|Daily Fibonacci 61.8%||23.18|
|Daily Pivot Point S1||23.08|
|Daily Pivot Point S2||22.56|
|Daily Pivot Point S3||22.25|
|Daily Pivot Point R1||23.91|
|Daily Pivot Point R2||24.21|
|Daily Pivot Point R3||24.74|
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