Silver Price Analysis: XAG/USD crosses support-turned-resistance above $23.00
|- Silver refreshes intraday high during two-day rebound, crosses short-term hurdle.
- RSI rebound from oversold territory adds to the bullish bias targeting 200-DMA.
- Bears need validation from 78.6% Fibonacci retracement to retake control.
Silver (XAG/USD) takes the bids to renew daily high around $23.25 during Thursday’s Asian session.
In doing so, the bright metal pierces the previous support line from late 2021 while extending Wednesday’s rebound from 78.6% Fibonacci retracement of (Fibo.) of an upside from December 2021 to March 2022.
Given the RSI rebound from the nearly oversold territory also favoring the buyers, XAG/USD is up for challenging the 200-DMA level surrounding $23.75. However, 61.8% Fibo. near $23.55, will test the immediate upside momentum.
Should the bullion prices rally beyond $23.75, March’s low around $24.00 will act as the last defense of bears.
On the flip side, pullback moves remain elusive until staying beyond the aforementioned support-turned-resistance line, at $23.05 by the press time.
Following that, the 78.6% Fibonacci retracement level near $22.55 and the monthly low near $22.10 could lure the silver bears.
Silver: Daily chart
Trend: Further upside expected
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