Silver Price Analysis: XAG/USD battles $24.00 hurdle amid impending bull cross
|- Silver grinds higher around three-week top on looming bullish moving average cross.
- Upbeat MACD signals keep buyers hopeful, 23.6% Fibonacci retracement guards immediate upside.
- Sellers remain unconvinced beyond $23.00, January’s peak lure bulls.
Silver (XAG/USD) buyers take a breather around three-week high, taking rounds to $23.85-90 during the initial Asian session on Tuesday.
In doing so, the bright metal bulls attack 23.6% Fibonacci retracement (Fibo.) of December-January upside.
That said, the 50-SMA stays ready to pierce the 200-SMA, suggesting a bull cross, amid price-positive signals from the MACD.
Hence, XAG/USD buyers are waiting for the $24.00 breakout to excel further, which in turn will highlight the previous month’s top near $24.70.
Following that, the $25.00 threshold and November 2021 peak surrounding $25.40 will be in focus.
Alternatively, pullback moves may aim for the 38.2% Fibo. level near $23.45 but a convergence of the 50-SMA and 200-SMA, as well as the 50% Fibonacci retracement, highlights $23.05, as the key support level.
Also acting as a downside filter is the $23.00 round figure, a break of which will welcome XAG/USD sellers targeting a monthly low of $22.00.
Silver: Four-hour chart
Trend: Further upside expected
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