Silver Price Analysis: XAG/USD bulls attack 50% Fibonacci retracement, 200-HMA to keep $24.00
|- Silver keeps bounces off a three-day low of $23.93 flashed the previous day.
- U-turn from 61.8% Fibonacci retracement, MACD conditions favor further recovery.
- Multiple supports can challenge the bears before September month’s low under $22.00.
Silver prints mild gains while flashing $24.18 as a quote, up 0.17% intraday, during Wednesday’s Asian session. In doing so, the commodity holds its pullback moves from 61.8% Fibonacci retracement of October 06-12 upside.
Not only the white metal’s recovery from the key Fibonacci support but the MACD conditions, currently teasing bulls, also favor the buyers’ return.
Even so, a clear break above the $24.20/25 confluence including 200-HMA and 50% Fibonacci retracement becomes necessary for the bulls to target the $24.60 resistance. Also likely to challenge silver bulls is a six-day-old the ascending trend line near $25.00.
During the metal’s further upside beyond the $25.00 threshold, the $25.25 and the monthly peak close to $25.60 will be in the spotlight.
Meanwhile, silver weakness below the 61.8% Fibonacci retracement level around $23.90 will have multiple stops close to $23.60 and $23.30 before challenging the monthly bottom close to $22.87.
Silver hourly chart
Trend: Further recovery expected
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