Silver Price Analysis: XAG/USD grinds higher past $25.00 as 200-DMA tests bulls

• Silver remains sidelined around three-month high, pauses two-day uptrend.
• Bullish Momentum, break of short-term horizontal hurdle keep buyers hopeful.
• 100-DMA, rising trend line from September 29 adds to the downside filters.

Silver (XAG/USD) seesaws in a choppy range above $25.00, recently easing to $25.20 amid Friday’s Asian session.

The bright metal jumped to its highest levels since August the previous day while extending the run-up beyond a two-month-old horizontal hurdle surrounding $24.85-80.

However, a failure to cross the 200-DMA level of $25.35 joins cautious sentiment ahead of the US Treasury market open, after a one-day US bank holiday, to challenge the bulls even as upbeat Momentum line hints at the further upside.

Hence, a clear upside break of the $25.35 becomes necessary for the XAG/USD buyers to keep reins. Following that, August month’s high of $26.00 and a descending resistance line from February, near $26.50, will be in focus.

On the contrary, a daily closing below the $24.85-80 resistance-turned-support area will recall the short-term sellers of silver. Even so, the 100-DMA and a two-month-old upward sloping trend line, close to $24.15 and $23.40 in that order, will be tough nuts to crack for the metal bears.

Silver: Daily chart

Trend: Bullish