Silver Price Analysis: XAG/USD sellers eye three-week-old support line


  • Silver prices fail to cross 21/50-day EMA confluence, sellers attack $24.00.
  • Normal RSI conditions, sustained trading below the key EMAs keep sellers hopeful.
  • 1.5-month-old falling trend line adds to the upside barriers.

Silver prices remain on the back foot despite a recent bounce off $23.98, currently down 0.71% around $24.08, during early Thursday. The while metal flashed a bullish spinning top candlestick on the previous day while bouncing off one week low. However, the recovery moved failed to cross a joint of 21-day and 50-day EMA, which in turn favors the bears amid normal RSI conditions.

As a result, sellers are currently targeting an upward sloping support line from September 24, at $23.90, a break of which could challenge the monthly bottom surrounding $22.87.

However, the $23.00 round-figure may offer an intermediate halt during the downside whereas the previous month’s bottom surrounding $21.65 will attack further selling of the bullion.

Meanwhile, an upside clearance of EMA confluence near $24.50/55 isn’t enough for the bull’s entry as a falling trend line from September 01, at $24.90, followed by the $25.00 threshold can probe silver’s upside moves.

In a case where the bulls dominate past-$25.00, the monthly high of $25.56 and the early September low near $25.85 will be in the spotlight.

Silver daily chart

Trend: Further downside expected

Additional important levels

Overview
Today last price 24.07
Today Daily Change -0.19
Today Daily Change % -0.78%
Today daily open 24.26
 
Trends
Daily SMA20 24.2
Daily SMA50 25.97
Daily SMA100 22.74
Daily SMA200 19.53
 
Levels
Previous Daily High 24.64
Previous Daily Low 23.88
Previous Weekly High 25.18
Previous Weekly Low 22.88
Previous Monthly High 28.9
Previous Monthly Low 21.66
Daily Fibonacci 38.2% 24.35
Daily Fibonacci 61.8% 24.17
Daily Pivot Point S1 23.88
Daily Pivot Point S2 23.5
Daily Pivot Point S3 23.12
Daily Pivot Point R1 24.64
Daily Pivot Point R2 25.02
Daily Pivot Point R3 25.4

 

 

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