Silver Price Analysis: XAG/USD pokes weekly resistance line near $24.00


  • Silver edges higher after snapping two-day downtrend, bouncing off monthly low.
  • Sluggish Momentum line, multiple hurdles to the north challenge bulls.
  • Five-week-old previous support adds to the upside filters, monthly horizontal support lures sellers.

Silver (XAG/USD) buyers attack one-week-old resistance, following the first daily positive closing in three. That said, the quote grinds higher around $23.85 during early Wednesday’s Asian session.

Despite bouncing off the lowest levels since late August, silver buyers lack firmer Momentum back-up to overcome the immediate hurdle around $24.00.

Even if the quote manages to cross the $24.00 mark, the support-turned-resistance line stretched from early August, near $24.20 will challenge the XAG/USD bulls. Also acting as an upside barrier is the monthly top of $24.86.

Meanwhile, pullback moves could aim for the weekly low, also the lowest level for September, near $23.35.

Following that, a horizontal area comprising multiple lows marked since August 12, near $23.00, will be in focus as it holds the key to the metal’s anticipated slump towards the yearly low of $22.16.

Silver: Four-hour chart

Trend: Pullback expected

Additional important levels

Overview
Today last price 23.86
Today Daily Change 0.12
Today Daily Change % 0.51%
Today daily open 23.74
 
Trends
Daily SMA20 23.88
Daily SMA50 24.62
Daily SMA100 25.85
Daily SMA200 25.89
 
Levels
Previous Daily High 23.86
Previous Daily Low 23.38
Previous Weekly High 24.82
Previous Weekly Low 23.73
Previous Monthly High 26
Previous Monthly Low 22.17
Daily Fibonacci 38.2% 23.56
Daily Fibonacci 61.8% 23.67
Daily Pivot Point S1 23.46
Daily Pivot Point S2 23.18
Daily Pivot Point S3 22.98
Daily Pivot Point R1 23.94
Daily Pivot Point R2 24.14
Daily Pivot Point R3 24.42

 

 

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