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Silver Price Analysis: XAG/USD defends $24.00 on mixed technical signals

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  • Silver keeps late Thursday’s rebound, picks up bids of late.
  • Spinning top candlestick below 200-day EMA challenge upside moves.
  • Previous resistance line, firmer RSI keep buyers hopeful.

Silver (XAG/USD) picks up bids to $24.20, up 0.10% intraday amid Friday’s Asian session.

The bright metal jumped to the highest levels since September 07 the previous day before snapping a two-day uptrend, which in turn portrayed a bearish spinning top candlestick on the daily chart. Also keeping the sellers hopeful is the commodity’s pullback below the 200-day EMA.

However, the resistance-turned-support from July 06, around $23.95 by the press time, joins the firmer RSI line to challenge the quote’s further weakness.

Also acting as a downside filter is another trend line support from early July, near $23.30. It’s worth observing that a monthly ascending trend line at $23.15 adds to the supports and challenge the XAG/USD bears.

On the contrary, an upside break of a 200-day EMA level of $24.54 needs validation from September’s high of $24.86 before targeting the August month’s peak of $26.00.

Overall, silver prices grind higher but need a strong push to the north.

Silver: Daily chart

Silver Price Analysis: XAG/USD defends $24.00 on mixed technical signals

Trend: Further upside expected

Additional important levels

Overview
Today last price 24.18
Today Daily Change 0.02
Today Daily Change % 0.08%
Today daily open 24.16
Trends
Daily SMA20 22.87
Daily SMA50 23.31
Daily SMA100 24.59
Daily SMA200 25.51
Levels
Previous Daily High 24.49
Previous Daily Low 24.01
Previous Weekly High 23.59
Previous Weekly Low 22.35
Previous Monthly High 24.87
Previous Monthly Low 21.42
Daily Fibonacci 38.2% 24.19
Daily Fibonacci 61.8% 24.3
Daily Pivot Point S1 23.95
Daily Pivot Point S2 23.74
Daily Pivot Point S3 23.47
Daily Pivot Point R1 24.43
Daily Pivot Point R2 24.7
Daily Pivot Point R3 24.91

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