Silver Price Analysis: XAG/USD renews eight-month high above $24.00

Silver price picks up bids to refresh multi-day high.
Overbought RSI can challenge XAG/USD bulls, $24.75 in focus.
Convergence of 21-DMA, bullish channel’s lower line highlights $22.70 as the key support.

Anil Panchal FXStreet

Silver price (XAG/USD) portrays an uptick to refresh the eight-month high at $24.30 during Wednesday’s Asian session.

The bright metal rose the most since November 04 the previous day, which in turn propelled the RSI (14) towards the overbought territory. As a result, the quote’s further upside appears doubtful.

This suggests hardships for the XAG/USD bulls as they approach the upper line of the seven-week-old rising trend channel, close to $24.75 by the press time.

Even if the Silver buyers manage to cross the $24.75 hurdle, the 78.6% Fibonacci retracement level of the metal’s March-September downside, near $24.90, as well as the $25.00 round figure, will challenge the commodity’s further advances.

It’s worth noting, however, that the XAG/USD upside past $25.00 enables buyers to aim for April’s peak of $26.22.

Alternatively, pullback moves may aim for the $24.00 round figure ahead of directing the Silver sellers toward the 61.8% Fibonacci retracement, also known as the golden ratio near $23.40.

Even so, the XAG/USD bulls could remain hopeful unless witnessing a daily closing below the $22.70 support confluence, encompassing the 21-DMA and lower line of the aforementioned bullish channel.

Silver: Daily chart

Trend: Limited upside expected

Additional important levels

Overview
Today last price	24.23
Today Daily Change	0.06
Today Daily Change %	0.25%
Today daily open	24.17

Trends
Daily SMA20	22.64
Daily SMA50	21.07
Daily SMA100	20.24
Daily SMA200	21.18

Levels
Previous Daily High	24.25
Previous Daily Low	22.88
Previous Weekly High	24.13
Previous Weekly Low	22.56
Previous Monthly High	22.25
Previous Monthly Low	18.84
Daily Fibonacci 38.2%	23.73
Daily Fibonacci 61.8%	23.41
Daily Pivot Point S1	23.29
Daily Pivot Point S2	22.4
Daily Pivot Point S3	21.92
Daily Pivot Point R1	24.65
Daily Pivot Point R2	25.14
Daily Pivot Point R3	26.02

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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