Silver Price Analysis: XAG/USD remains defensive near $24.00 as bulls approach key hurdles


  • Silver edges higher around monthly top, keeps recovery moves from August 08.
  • 200-SMA, five-week-old horizontal area test short-term buyers ahead of descending resistance line from July.
  • Pullback in Momentum line probe bulls near crucial resistance levels.
  • Bears need to wait for a clear break of one-month-old support line.

Silver (XAG/USD) buyers take a breather around the monthly peak above $24.00, near $24.14 during Thursday’s Asian session.

In doing so, the bright metal holds onto the recovery moves from yearly low, flashed during early August even as a pullback in Momentum line challenges the buyers.

It’s worth noting that 200-SMA and a horizontal area comprising multiple levels marked since July 27, respectively around $24.35 and $24.40–50, adds to the silver bull’s hardships.

Even if the commodity prices rally beyond $24.50, a descending resistance line from late July 06, near $24.80, will be a tough nut to crack before confirming the bullish impulse.

Meanwhile, the recent swing low of $23.75 and monthly support line near $23.60 challenge the quote’s pullback moves.

However, a clear downside break of $23.60 won’t hesitate to direct silver bears towards the yearly bottom surrounding $22.15 while also taking a breather around the $22.85 level comprising the August 20 low.

Silver: Four-hour chart

Trend: Pullback expected

Additional important levels

Overview
Today last price 24.15
Today Daily Change 0.26
Today Daily Change % 1.09%
Today daily open 23.89
 
Trends
Daily SMA20 23.81
Daily SMA50 24.97
Daily SMA100 26.01
Daily SMA200 25.86
 
Levels
Previous Daily High 24.21
Previous Daily Low 23.81
Previous Weekly High 24.12
Previous Weekly Low 22.98
Previous Monthly High 26
Previous Monthly Low 22.17
Daily Fibonacci 38.2% 23.96
Daily Fibonacci 61.8% 24.05
Daily Pivot Point S1 23.73
Daily Pivot Point S2 23.57
Daily Pivot Point S3 23.33
Daily Pivot Point R1 24.13
Daily Pivot Point R2 24.37
Daily Pivot Point R3 24.53

 

 

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