Silver Price Analysis: Weekly support line, 200-HMA keeps buyers hopeful
- Silver rises for the third day despite latest pullback from $28.03.
- Sustained break of an eight-day-old resistance, now support, joins ability to stay past-200-HMA, weekly rising trend line.
- Sellers may aim for Friday’s bottom, bulls may wait before attacking the multiyear top.
Silver prices seesaw around $27.80, up 0.35% on a day, during the early Wednesday. Despite the recent weakness to refresh the weekly top, the metal’s ability to keep the upside break of a descending trend line from August 07 joins its trading above 200-HMA and a one-week-old support line to favor the buyers.
As a result, the bullion’s one more attempt to refresh the latest top near $28.50 can’t be ruled out. Though, multiple resistances near $29.00 and $29.30 will challenge the bulls afterward.
If at all the while metal crosses $29.30, it becomes capable to challenge the monthly top near $29.85, also the highest since early-2013, before targeting the $30.00 threshold.
Meanwhile, the aforementioned trend lines and 200-HMA restrict the quote’s short-term downside between $27.55 and $27.25, a break of which can recall sellers targeting the weekly low near $25.75.
However, the bears are less likely to find any strong welcome unless they beat the monthly low surrounding $23.40.
Silver hourly chart
Trend: Bullish