Silver Price Analysis: XAG/USD pokes $25.00 to renew three-month top as Russia invades Ukraine

Anil Panchal FXStreet

Silver rises for the seventh consecutive day, firmer around the highest levels since January 18.

A successful break of 200-DMA, descending trend line from July 2021 adds strength to the bullish bias.

Silver (XAG/USD) refreshes three-month high, up 1.40% intraday around $95.00 as Russian military attacks Ukraine during early Thursday morning in Europe.

The bright metal tracks gold prices to print a seven-day uptrend amid bullish MACD signals.

Also favoring XAG/USD buyers is the sustained break of the 200-DMA and a downward sloping resistance from July 2021, now support.

However, the 50% Fibonacci retracement (Fibo.) of May-September 2021 declines, near $25.10, challenges intraday silver buyers.

Also acting as an upside hurdle is November 2021 high near $25.40, followed by the 61.8% Fibo. level surrounding $26.00.

Alternatively, pullback moves may have to conquer the previous resistance confluence including the multi-day-old descending trend line and the 200-DMA, around $24.30, to reject the latest bullish signals.

Even so, a two-week-long support line of $24.00 will act as an extra filter to the south.

Silver: Daily chart

Trend: Further upside expected

Additional important levels

Overview
Today last price	24.92
Today Daily Change	0.34
Today Daily Change %	1.38%
Today daily open	24.58

Trends
Daily SMA20	23.28
Daily SMA50	23.14
Daily SMA100	23.34
Daily SMA200	24.22

Levels
Previous Daily High	24.58
Previous Daily Low	24.03
Previous Weekly High	24.09
Previous Weekly Low	23.08
Previous Monthly High	24.7
Previous Monthly Low	21.96
Daily Fibonacci 38.2%	24.37
Daily Fibonacci 61.8%	24.24
Daily Pivot Point S1	24.21
Daily Pivot Point S2	23.84
Daily Pivot Point S3	23.66
Daily Pivot Point R1	24.76
Daily Pivot Point R2	24.94
Daily Pivot Point R3	25.31

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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