Silver Price Analysis: XAG/USD sits near 10-week peak, bulls await a move beyond $24.00

Silver attracts some buyers for the fifth successive day on Friday.
The overnight breakout through the $23.60-70 area favours bulls.
Corrective declines are likely to get bought into and remain limited.

Haresh Menghani FXStreet

Silver (XAG/USD) gains positive traction for the fifth successive day on Friday and remains well within the striking distance of its highest level since September 4 touched the previous day. The white metal currently trades just below the $24.00 mark and seems poised to build on this week's solid bounce from a four-week trough.

From a technical perspective, acceptance above the very important 200-day Simple Moving Average (SMA) and the overnight breakout through the $23.60-$23.70 supply zone was seen as a fresh trigger for bullish traders. Moreover, oscillators on the daily chart have been gaining positive traction and validate the near-term positive outlook, suggesting that the path of least resistance for the XAG/USD is to the upside.

Some follow-through buying beyond the $24.00 round figure will reaffirm the constructive setup and the white metal to the $24.20-$24.25 intermediate resistance. The momentum could get extended and allow the XAG/USD to make a fresh attempt towards conquering the $25.00 psychological mark. Nevertheless, Silver remains on track to register strong weekly gains and post its highest weekly close since late August.

On the flip side, the $23.70-$23.60 strong resistance breakpoint now seems to protect the immediate downside ahead of the 200-day SMA, currently pegged near the $23.30 region. Any further decline might now attract fresh buyers and remain limited near the $23.00 mark. The latter should act as a key pivotal point, which if broken could drag the XAG/USD to the $22.35-$22.30 zone en route to the $22.00 mark.

A convincing break below the latter might shift the near-term bias back in favour of bearish traders. Some follow-through selling below the $21.85 region, or the monthly low, could make the XAG/USD vulnerable to accelerate the fall towards the $21.35-$21.30 region. The white metal could eventually weaken further below the $21.00 mark and test a multi-month low, around the $20.70-$20.65 area touched in October.

Silver daily chart

Technical levels to watch

XAG/USD

Overview
Today last price	23.9
Today Daily Change	0.15
Today Daily Change %	0.63
Today daily open	23.75

Trends
Daily SMA20	22.94
Daily SMA50	22.68
Daily SMA100	23.21
Daily SMA200	23.27

Levels
Previous Daily High	24.08
Previous Daily Low	23.28
Previous Weekly High	23.26
Previous Weekly Low	22.19
Previous Monthly High	23.7
Previous Monthly Low	20.68
Daily Fibonacci 38.2%	23.78
Daily Fibonacci 61.8%	23.59
Daily Pivot Point S1	23.33
Daily Pivot Point S2	22.91
Daily Pivot Point S3	22.53
Daily Pivot Point R1	24.13
Daily Pivot Point R2	24.5
Daily Pivot Point R3	24.92

Author

Haresh Menghani

FXStreet

Haresh Menghani is a detail-oriented professional with 10+ years of extensive experience in analysing the global financial markets.

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