Silver Price Analysis: XAG/USD pierces five-week-old resistance line to attack $25.00
- Silver refreshes one week high after crossing a descending trend line from September 15.
- Bullish MACD, successful trading above 100-day SMA offer conviction to buyers.
Silver takes the bids near $24.99, an intraday high of $25.02, during the early Wednesday’s trading. In doing so, the white metal rises for the third consecutive day, while also refreshing the one week high, as it breaks a short-term falling resistance line.
Not only the sustained break of the previous resistance but bullish MACD and the bullion’s ability to stay beyond 100-day EMA also favors the buyers.
As a result, silver bulls are raging for the monthly high of $25.56 ahead of targeting the early-September lows near $25.85.
During the metal’s upside past-$25.85, the $26.00 round-figure holds the key to a run-up towards the 10-week-old resistance line around $27.00.
Alternatively, the commodity’s pullback below the $24.80 support line will highlight an upward sloping trend line from September 24, at $24.00 now, before directing the silver sellers towards the 100-day SMA level of $23.07.
Silver daily chart
Trend: Bullish
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.
