- Silver bulls catch a breather around the highest in one week.
- Four-month-old falling trend line guards immediate upside ahead of 100-day SMA.
- Bullish MACD, sustained trading beyond two-month-old support line favor buyers.
Having marked the biggest gains in over two weeks the previous day, silver takes rounds to $24.50 during the early Asian session on Wednesday. In doing so, the white metal struggles to clear a downward sloping trend line from August 07.
With the upbeat MACD conditions joining the commodity’s readiness to stay above a horizontal support area since mid-October, around $23.52/57, suggests the bullion’s further upside.
However, the 100-day SMA level of $25.10 adds to the upside filters beyond the stated resistance line, currently around $24.53.
In a case where silver prices cross $25.10, November’s top near $26.00 will be the key to watch.
Meanwhile, a downside break below the $23.52/57 support area can recall the metal sellers targeting the $23.00 threshold and October lows near $22.60.
During the quote’s further weakness past-$22.60, the previous month’s low near $21.90 and September’s trough close to $21.65 will lure the bears.
Silver daily chart
Trend: Further upside expected
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