XAG / USD defends $ 24.00 after Thursday’s doji above 10-DMA

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  • Silver is fighting for a clear direction after breaking the two-day decline the previous day.
  • Bullish candlestick, tighter RSI line encourages buyers to target the weekly resistance level.
  • The monthly support line complements the downward filter.

Silver (XAG / USD) is hovering around USD 24.00 after sluggish daily performance during Friday’s Asian session.

Even so, the bullish doji candlestick and the tighter RSI line that is not overbought leave buyers hopeful.

As a result, a rebound towards the weekly resistance line near $ 24.30 cannot be ruled out at press time. However, any further advances will be challenged by the $ 24.80-85 area, which includes the September and October highs.

Even if the XAG / USD bulls cross the $ 24.85 hurdle, the $ 25.00 threshold acts as additional resistance to watch.

Meanwhile, 10-DMA caps the immediate downward movement of the metal at $ 24.00, with a break likely to steer the price of silver towards a rising support line near $ 23.80 starting September 30th.

The high in mid-October at USD 23.60, the high at the end of September at USD 23.15 and the round value of USD 23.00 also act as a downward filter.

In conclusion, silver prices may rebound, but the bulls have a bumpy road ahead of them in the north.

Silver: daily chart

Trend: recovery expected


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