Silver Price Analysis: XAG/USD eyes monthly resistance line while attacking $28.00
|- Silver prices take the bids near the highest in a week.
- A falling trend line from August 06 can challenge the bulls.
- Sellers may take entries below the weekly support line.
- Sustained trading beyond the key SMA, strong RSI conditions favor buyers.
Silver prices rise to the intraday high of $27.87, while flashing 1.48% gains during the early Tuesday. The white metal cheers successful trading above 200-bar SMA amid strong RSI conditions.
Buyers currently aim for a short-term falling trend line comprising multiple highs marked during the present month, at $28.10 now.
However, the bullion’s further upside will be tamed by $29.40 and the monthly high near $29.85 before highlighting the $30.00 threshold.
Meanwhile, sellers can look for entries below an ascending support line from August 12, near $26.60, which in turn will highlight 61.8% Fibonacci retracement of the metal’s rise from July 17 to August 06 at $23.10.
In a case where the quote remains depressed below $23.10, $23.00 and 200-bar SMA level of $22.80 will be the key to watch.
Silver four-hour chart
Trend: Bullish
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