Silver Price Analysis: XAG/USD probes short-term triangle resistance above $23.50


  • Silver prices extend recoveries from 200-hour EMA to attack a three-day-old resistance line.
  • An upward sloping trend line from July 22 adds to the downside support.
  • Bullish MACD, safe-haven demand of the metal favor the bulls.

Silver prices snap three-day losing streak while rising to $23.64, up 0.66% on a day, ahead of Friday’s European session. In doing so, the white metal aims to confirm further upside by targeting the upper line of an immediate symmetrical triangle.

Considering the current increase in the market’s risk-off mood, coupled with an increase in the safe-haven demand backed by the US dollar’s fall, the metal prices are likely to please the buyers with a $25.00 mark on a successful break above $23.86 immediate resistance.

However, the quote’s further upside depends upon how well it can stay past-$26.00, which in turn opens the gate for extended north-run targeting the early-April 2013 low near $26.70 and the April 2013 top surrounding $28.10.

Alternatively, 200-hour EMA and a week-old rising trend line restrict the metal’s immediate declines near $23.00-22.95, a break of which can recall sellers aiming for July 22 low of $21.38.

In a case where the bears dominate past-$21.38, $20.00 and the mid-July tops near $19.50 will gain the market attention.

Silver hourly chart

Trend: Further upside expected

Additional important levels

Overview
Today last price 23.69
Today Daily Change 0.19
Today Daily Change % 0.81%
Today daily open 23.5
 
Trends
Daily SMA20 20.66
Daily SMA50 18.86
Daily SMA100 16.9
Daily SMA200 17.21
 
Levels
Previous Daily High 24.42
Previous Daily Low 22.91
Previous Weekly High 23.26
Previous Weekly Low 19.26
Previous Monthly High 18.39
Previous Monthly Low 16.95
Daily Fibonacci 38.2% 23.49
Daily Fibonacci 61.8% 23.84
Daily Pivot Point S1 22.81
Daily Pivot Point S2 22.11
Daily Pivot Point S3 21.3
Daily Pivot Point R1 24.31
Daily Pivot Point R2 25.11
Daily Pivot Point R3 25.81

 

 

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