Silver Price Analysis: XAG/USD keeps pullback from 100-HMA

Silver prints mild losses, recently fails to extent recovery moves from $23.87.
Sustained trading below the key HMA suggests further downside.
Monthly horizontal support challenges the bears amid normal RSI conditions.

Anil Panchal FXStreet

Silver declines to $23.96, down 0.17% intraday, during Friday’s Asian trading. In doing so, the white metal keeps its U-turn from 100-HMA, marked the previous day, while defying Thursday’s recovery moves.

Considering the normal RSI conditions backing the latest pullback from the key HMA, the commodity prices can weaken further. However, a horizontal area comprising lows marked since December 01, between $23.50 and $23.60, offers a tough nut to crack for the silver sellers.

In a case where the metal bears dominate past-$23.50, 61.8% Fibonacci retracement of November 30 to December 08 upside, at $23.02, will challenge the further downside.

Alternatively, an upside clearance of 100-HMA, at $24.23 now, will have to refresh the monthly top of $24.86 before eyeing the $25.00 threshold.

During the quote’s successful rise above the $25.00 round-figure, November’s high near $26.00 will be in the spotlight.

Silver hourly chart

Trend: Pullback expected

Additional important levels

Overview
Today last price	24.01
Today Daily Change	0.11
Today Daily Change %	0.46%
Today daily open	23.9

Trends
Daily SMA20	23.94
Daily SMA50	24.13
Daily SMA100	25.08
Daily SMA200	20.79

Levels
Previous Daily High	24.6
Previous Daily Low	23.59
Previous Weekly High	24.41
Previous Weekly Low	21.9
Previous Monthly High	26.01
Previous Monthly Low	21.9
Daily Fibonacci 38.2%	23.97
Daily Fibonacci 61.8%	24.21
Daily Pivot Point S1	23.46
Daily Pivot Point S2	23.02
Daily Pivot Point S3	22.45
Daily Pivot Point R1	24.47
Daily Pivot Point R2	25.04
Daily Pivot Point R3	25.48

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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