Silver Price Analysis: XAG/USD recovery seeks validation from 50-day EMA

• Silver rises for third consecutive day, forms lower high below the key EMA.
• Sustained trading beyond 100-day EMA keeps the buyers hopeful.

Silver eases from an intraday high of $24.31 to $24.26 during the pre-Tokyo open trading on Friday. Even so, the white metal prints 0.10% intraday gains while marking a third positive daily figure.

While the pair’s successful trading beyond 100-day EMA favors the buyers, lower highs marked during the last three days below 50-day EMA teases intraday sellers for entry.

On their return, silver bears can initially target the weekly low near $23.55 before again battling with the 100-day EMA level of $23.50.

During the quote’s weakness past-100-day EMA, an ascending trend line from September 24, at $23.00 now, holds the key to an additional south-run towards the monthly bottom surrounding $22.60/55.

Meanwhile, an upside clearance beyond the 50-day EMA level of $24.45 will challenge a three-month-old resistance line, at $25.80 now.

In doing so, the $25.00 and October’s peak close to $25.55 can offer intermediate halts.

Silver daily chart

Trend: Pullback expected