Silver Price Analysis: XAG/USD looks to test the rising channel hurdle at $23.60
|- Silver looks to extend the bounce while above critical support.
- Hourly RSI edges higher above the midline, pointing to more gains.
- $23.60 is the level to beat for XAG/USD’s bulls.
Silver (XAG/USD) buyers are once again in near-term control, as the price continues to find support near 50-hourly Simple Moving Average (HMA), currently at $22.80. At the level, the 21-HMA also coincides, making it strong support for the bulls.
The white metal heads towards the rising trendline hurdle at $23.60, a break above which could open doors for a test of the bearish 100-HMA at $23.90.
The hourly Relative Strength Index (RSI) looks north, at 57.47, allowing for further upside. Also, the 21-HMA is set to pierce the 50-HMA from below, yielding a bullish crossover and adding credence to the recent rebound from $21.65 neighborhood.
Alternatively, selling pressure could intensify below the aforesaid critical cushion, with the rising trendline support at $22.40 on sellers’ radar. A breach of the latter would validate a rising channel breakdown, prompting the resumption of the recent sell-off.
XAG/USD: Hourly chart
XAG/USD: Additional levels
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