Silver Price Analysis: XAG/USD refreshes seven-week top, bulls battle key resistance near $26.00

• Silver prints three-day uptrend while probing late-September highs.
• Bullish MACD, short-term ascending support line suggest further upside.

Silver takes the bids near the highest since September 21, currently around $25.95, during Monday’s Asian session. In doing so, the white metal buyers attack an upward sloping trend line from September 22 amid bullish MACD.

Also favoring the silver bulls is the metal’s sustained trading beyond the key Fibonacci retracement of September 15-24 downside as well as an ascending support line from last Wednesday.

Even so, a clear break above $26.00 becomes necessary for the optimists to aim for September 17 low near $26.30 and the two-month peak surrounding $27.65.

Meanwhile, a 61.8% Fibonacci retracement level of $25.35 offers immediate support to the precious metal ahead of the short-term rising trend line, currently around $25.25.

On a downside break of $25.25, 50% of the Fibonacci retracement near $24.65 could lure the commodity sellers.

Silver four-hour chart

Trend: Bullish