Silver Price Analysis: XAG/USD pierces five-week-old resistance line to attack $25.00
|- Silver refreshes one week high after crossing a descending trend line from September 15.
- Bullish MACD, successful trading above 100-day SMA offer conviction to buyers.
Silver takes the bids near $24.99, an intraday high of $25.02, during the early Wednesday’s trading. In doing so, the white metal rises for the third consecutive day, while also refreshing the one week high, as it breaks a short-term falling resistance line.
Not only the sustained break of the previous resistance but bullish MACD and the bullion’s ability to stay beyond 100-day EMA also favors the buyers.
As a result, silver bulls are raging for the monthly high of $25.56 ahead of targeting the early-September lows near $25.85.
During the metal’s upside past-$25.85, the $26.00 round-figure holds the key to a run-up towards the 10-week-old resistance line around $27.00.
Alternatively, the commodity’s pullback below the $24.80 support line will highlight an upward sloping trend line from September 24, at $24.00 now, before directing the silver sellers towards the 100-day SMA level of $23.07.
Silver daily chart
Trend: Bullish
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.