Silver Price Analysis: XAG/USD grinds higher on the way to $24.00


  • 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

Overview
Today last price 23.62
Today Daily Change 0.01
Today Daily Change % 0.04%
Today daily open 23.61
 
Trends
Daily SMA20 23.24
Daily SMA50 22.87
Daily SMA100 23.22
Daily SMA200 24.36
 
Levels
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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