Silver Price Analysis: XAG/USD holds gains above $24.00 on the way to 100-DMA – FXStreet

Gold & Silver
  • Silver edges higher at six-week top, prints three-day uptrend.
  • Break of descending trend line from July, bullish MACD favor buyers.
  • Three-month-old horizontal area challenges upside past 100-DMA.

Silver (XAG/USD) holds onto the previous two-day uptrend above $24.00, up 0.25% intraday around $24.35 during early Thursday.

In doing so, the bright metal justifies the upside break of a descending resistance line from July, now support near $24.00.

The trendline breakout joins the bullish MACD signals to direct XAG/USD buyers towards a 100-DMA level of $24.60

However, any further upside past $24.60 will be challenged by multiple levels marked since late July, also comprising September highs, near $24.80-85.

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Meanwhile, silver sellers may not take the risk of entry until the quote stays beyond $24.00.

Even on a downside break of the resistance-turned-support, the commodity prices remain on the bull’s radar until breaking $23.00 support including 23.6% Fibonacci retracement of May-September fall.

Overall, silver remains in the bullish trend with a bumpy road ahead.

XAG/USD: Daily chart

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Trend: Further upside expected

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