Silver Price Analysis: XAG/USD stays defensive near $25.00 inside ascending triangle

Silver struggles to extend bounce off weekly low inside immediate bearish chart pattern.
Sustained trading below previous support, sluggish Momentum keep sellers hopeful.
Bulls need $25.40 breakout for fresh entries to target August month’s top.

Anil Panchal FXStreet

Silver (XAG/USD) remains sidelined around $25.00, inside a one-week-old symmetrical triangle bearish formation during Thursday’s Asian session.

That said, the bright metal’s failure to jump back beyond the support-turned-resistance line from October 03, around $25.20, joins Momentum line’s retreat to tease silver sellers.

However, a clear downside break of the stated triangle’s support, around $24.85 at the latest, as well as a break of the 200-HMA level of $24.75, becomes necessary for the bear’s entry.

Following that, November 08 swing high near $24.50 and a two-week-long horizontal area near $24.00 will gain the market’s attention.

Meanwhile, the stated previous support line, around $25.20, guards the quote’s immediate upside ahead of the triangle’s resistance line near $25.40.

Should the silver buyers keep reins past $25.40, a run-up towards the August month’s high of $26.00 can’t be ruled out.

Silver: Hourly chart

Trend: Pullback expected

Additional important levels

Overview
Today last price	25.07
Today Daily Change	0.25
Today Daily Change %	1.01%
Today daily open	24.82

Trends
Daily SMA20	24.33
Daily SMA50	23.48
Daily SMA100	24.15
Daily SMA200	25.35

Levels
Previous Daily High	25.41
Previous Daily Low	24.77
Previous Weekly High	25.39
Previous Weekly Low	24.03
Previous Monthly High	24.83
Previous Monthly Low	22
Daily Fibonacci 38.2%	25.01
Daily Fibonacci 61.8%	25.16
Daily Pivot Point S1	24.59
Daily Pivot Point S2	24.36
Daily Pivot Point S3	23.96
Daily Pivot Point R1	25.23
Daily Pivot Point R2	25.64
Daily Pivot Point R3	25.86

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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