Silver Price Analysis: Multiple hurdles to prod XAG/USD bulls at 2023 peak near $26.00

Silver price remains sidelined after rising to the highest levels in one year.
Overbought RSI, multiple immediate resistances challenge XAG/USD buyers.
Silver sellers stay off the table beyond $24.50.

Anil Panchal FXStreet

Silver price (XAG/USD) remains firmer at $25.80, despite recent inaction at the highest levels in one year during early Friday in Asia. In doing so, the bright metal justifies the overbought RSI conditions, as well as fears of bulls amid a bumpy road towards the north. However, multiple supports and bullish MACD signals keep the XAG/USD buyers hopeful.

That said, the XAG/USD pullback needs validation from a 10-month-old previous resistance line, around $25.50.

Even so, the convergence of the 61.8% Fibonacci retracement level of the metals moves between May 2021 to September 2022 and a 23-month-old downward-sloping trend line, near $24.50, appears a tough nut to crack for the Silver sellers.

In a case where the Silver price remains bearish past $24.50, the odds of witnessing a gradual decline toward the 50% Fibonacci retracement level surrounding $23.20 can’t be ruled out.

On the flip side, the $26.00 round figure prods the XAG/USD bulls ahead of the 78.6% Fibonacci retracement, around $26.35.

Following that, a broad area comprising tops marked since July 2021, around $26.95-75, quickly followed by the $27.00 round figure, will be in focus.

Overall, the Silver price is likely to remain firmer even if the short-term pullback appears imminent.

Silver price: Daily chart

Trend: Pullback expected

Additional important levels

Overview
Today last price	25.83
Today Daily Change	0.33
Today Daily Change %	1.29%
Today daily open	25.5

Trends
Daily SMA20	23.62
Daily SMA50	22.38
Daily SMA100	22.85
Daily SMA200	21.19

Levels
Previous Daily High	25.67
Previous Daily Low	25.04
Previous Weekly High	25.14
Previous Weekly Low	23.57
Previous Monthly High	24.16
Previous Monthly Low	19.9
Daily Fibonacci 38.2%	25.43
Daily Fibonacci 61.8%	25.28
Daily Pivot Point S1	25.14
Daily Pivot Point S2	24.78
Daily Pivot Point S3	24.51
Daily Pivot Point R1	25.77
Daily Pivot Point R2	26.04
Daily Pivot Point R3	26.4

Author

Anil Panchal

FXStreet

Anil Panchal has nearly 15 years of experience in tracking financial markets. With a keen interest in macroeconomics, Anil aptly tracks global news/updates and stays well-informed about the global financial moves and their implications.

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