Silver Price Analysis: XAG/USD holds gains above $24.00 on the way to 100-DMA

Silver edges higher at six-week top, prints three-day uptrend.
Break of descending trend line from July, bullish MACD favor buyers.
Three-month-old horizontal area challenges upside past 100-DMA.

Anil Panchal FXStreet

Silver (XAG/USD) holds onto the previous two-day uptrend above $24.00, up 0.25% intraday around $24.35 during early Thursday.

In doing so, the bright metal justifies the upside break of a descending resistance line from July, now support near $24.00.

The trendline breakout joins the bullish MACD signals to direct XAG/USD buyers towards a 100-DMA level of $24.60

However, any further upside past $24.60 will be challenged by multiple levels marked since late July, also comprising September highs, near $24.80-85.

Meanwhile, silver sellers may not take the risk of entry until the quote stays beyond $24.00.

Even on a downside break of the resistance-turned-support, the commodity prices remain on the bull’s radar until breaking $23.00 support including 23.6% Fibonacci retracement of May-September fall.

Overall, silver remains in the bullish trend with a bumpy road ahead.

XAG/USD: Daily chart

Trend: Further upside expected

Additional important levels

Overview
Today last price	24.36
Today Daily Change	0.07
Today Daily Change %	0.29%
Today daily open	24.29

Trends
Daily SMA20	22.78
Daily SMA50	23.29
Daily SMA100	24.62
Daily SMA200	25.51

Levels
Previous Daily High	24.42
Previous Daily Low	23.57
Previous Weekly High	23.59
Previous Weekly Low	22.35
Previous Monthly High	24.87
Previous Monthly Low	21.42
Daily Fibonacci 38.2%	24.1
Daily Fibonacci 61.8%	23.9
Daily Pivot Point S1	23.77
Daily Pivot Point S2	23.25
Daily Pivot Point S3	22.92
Daily Pivot Point R1	24.62
Daily Pivot Point R2	24.94
Daily Pivot Point R3	25.46

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.

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