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.

Anil Panchal FXStreet

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

Additional important levels

Overview
Today last price	24.91
Today Daily Change	0.28
Today Daily Change %	1.14%
Today daily open	24.63

Trends
Daily SMA20	23.93
Daily SMA50	25.7
Daily SMA100	23
Daily SMA200	19.66

Levels
Previous Daily High	24.93
Previous Daily Low	24.32
Previous Weekly High	25.56
Previous Weekly Low	23.57
Previous Monthly High	28.9
Previous Monthly Low	21.66
Daily Fibonacci 38.2%	24.69
Daily Fibonacci 61.8%	24.55
Daily Pivot Point S1	24.33
Daily Pivot Point S2	24.02
Daily Pivot Point S3	23.72
Daily Pivot Point R1	24.93
Daily Pivot Point R2	25.23
Daily Pivot Point R3	25.54

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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