Silver Price Analysis: Two-month-old resistance line, 100-DMA test XAG/USD bulls above $23.00
- Silver Price grinds higher as bulls prod descending trend line from early May.
- Upbeat oscillators, sustained trading beyond $22.70 support confluence favor XAG/USD bulls.
- 100-DMA acts as extra filter towards the north before giving control to Silver buyers.
Silver Price (XAG/USD) remains mildly bid near $23.15 as it defends the previous week’s rebound from the 200-DMA and a fortnight-old rising support line amid the early hours of Tuesday’s Asian session. In doing so, the XAG/USD bulls prod a two-month-old descending resistance line.
It’s worth noting that the bullish MACD signals and steady RSI (14) line joins the XAG/USD’s ability to stay beyond the $22.70 support confluence, comprising the 200-DMA and a two-week-old rising support line, to keep the Silver buyers hopeful.
However, the 100-DMA level of around $23.35 can act as an additional check for the XAG/USD bulls past the $23.15 trend line resistance.
Meanwhile, a downside break of the $22.70 support confluence needs validation from June’s low of near $22.10, as well as the $22.00 round figure, to convince the Silver bears.
Following that, the October 2022 high of around $21.25 and the $21.00 round figure will be in the spotlight.”
Overall, Silver Price remains on the front foot unless the bears conquer the previous monthly low.
Fundamentally, the US Dollar’s inability to cheer hawkish Fed bets, due to the downbeat US inflation expectations and softer US jobs report, keep the Silver buyers hopeful.
Silver Price: Daily chart
Trend: Further upside expected
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.
