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Silver Price Analysis: XAG/USD near 10-week highs, bulls eye move above $24.00

  • The price of Silver attracts some buyers for the fifth day in a row on Friday.
  • The previous day’s breakout of the $23.60-$23.70 zone favors the bulls.
  • Corrective declines are likely to be bought and remain limited.

The price of Silver (XAG/USD) gains ground for the fifth consecutive day on Friday and remains near its highest level since September 4 touched the previous day. The white metal is currently trading just below the $24.00 level and looks set to take advantage of this week’s solid rebound from a four-week low.

Technically, the acceptance above the all-important 200-day SMA and the previous day’s breakout of the $23.60 to $23.70 resistance zone were seen as a new trigger for the bulls. Furthermore, the oscillators on the daily chart have been gaining positive traction and validate the positive near-term outlook, suggesting that the path of least resistance for XAG/USD is to the upside.

Continuation buying above the $24.00 round level will reaffirm the constructive setup and take the white metal to the intermediate resistance of $24.20-$24.25. The momentum could extend and allow XAG/USD to make a new attempt to conquer the psychological level of $25.00. That being said, the price of Silver remains on track to post strong weekly gains and post its highest weekly close since late August.

On the other hand, the breakpoint of the strong resistance at $23.70 to $23.60 seems to protect the immediate decline ahead of the 200-day SMA, currently near the $23.30 region. Any further decline could attract new buyers and remain capped near the round $23.00 level. The latter should act as a key point, which if broken could drag XAG/USD to the $22.35-$22.30 zone on the way to the $22.00 level.

A convincing break below this last level could change the short-term trend in favor of the bears. If XAG/USD continues to sell below the $21.85 area, the monthly low, it could accelerate the decline towards the $21.35-$21.30 area. The white metal could weaken further below the $21.00 level and test a multi-month low around the $20.70-$20.65 area touched in October.

Daily Silver Price Chart


Silver additional technical levels


Latest price today 23.9
Daily change today 0.15
Today’s daily variation 0.63
Today’s daily opening 23.75
daily SMA20 22.94
daily SMA50 22.68
SMA100 daily 23.21
SMA200 daily 23.27
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
Fibonacci 61.8% daily 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

Source: Fx Street

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