• Silver price pokes the monthly top marked on July 01.
  • Successful break of descending trend line from April 18 joins bullish MACD signals to keep buyers hopeful.
  • May’s low, 50-DMA could challenge short-term upside moves.
  • Sellers need validation from 20-DMA to retake control.

Silver price (XAG/USD) marches above $20.00 during the four-day uptrend heading into Friday’s European session. In doing so, the bright metal extends the previous day’s upside break of a three-month-old resistance towards refreshing the three-week top.

In addition to the trend line breakout, the bullish MACD signals and successful trading above the 21-DMA also favor XAG/USD buyers.

However, May’s low and the 50-DMA, respectively around $20.45 and $20.55, could challenge the metal’s further upside. Also acting as the upside hurdle is the mid-June swing low near $20.90 and the $21.00 threshold.

Should the quote remain firmer past $21.00, the odds of witnessing a run-up towards June’s high near $22.50 can’t be ruled out.

Meanwhile, pullback moves may aim for the $20.00 round figure before revisiting the previous resistance line, at $19.35 by the press time.

Even so, the silver bears should remain cautious until the quote stays beyond the 21-DMA support level near $19.00.

Following that, a south-run to renew the yearly low of $18.14, marked earlier in July, can be anticipated.

Silver: Daily chart

Trend: Further upside expected

Additional important levels

Overview
Today last price 20.15
Today Daily Change 0.15
Today Daily Change % 0.75%
Today daily open 20
 
Trends
Daily SMA20 19.04
Daily SMA50 20.59
Daily SMA100 22.29
Daily SMA200 22.92
 
Levels
Previous Daily High 20.02
Previous Daily Low 19.06
Previous Weekly High 19.1
Previous Weekly Low 18.25
Previous Monthly High 22.52
Previous Monthly Low 20.22
Daily Fibonacci 38.2% 19.66
Daily Fibonacci 61.8% 19.43
Daily Pivot Point S1 19.37
Daily Pivot Point S2 18.73
Daily Pivot Point S3 18.4
Daily Pivot Point R1 20.33
Daily Pivot Point R2 20.66
Daily Pivot Point R3 21.3

 

 

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