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
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.
