Silver Price Analysis: XAG/USD approaches $24.00 trend line resistance

Silver price pares the second consecutive daily losses around the highest levels in two months.
Descending resistance line from Friday, bearish MACD signals lure sellers.
Two-week-long ascending trend line, key EMAs put a floor under the XAG/USD price.

Anil Panchal FXStreet

Silver price (XAG/USD) consolidates intraday losses, the second one in a row, around $23.90 as recovery moves approach the short-term key resistance lines during the early European session on Tuesday.

In doing so, the XAG/USD defends the previous day’s rebound from the 100-Exponential Moving Average (EMA), as well as a one-week-long ascending trend line.

However, a downward-sloping resistance line and bearish MACD signals are acting as immediate challenges for the Silver buyers to tackle if they wish to retake control.

Even if the quote rises past the $24.00 adjacent trend line resistance, the monthly high of $24.20 and February’s peak near $24.70 can test the XAG/USD bulls before directing them to April 2022 high near $26.25.

On the contrary, pullback moves may initially aim for the ascending support line from the last Wednesday, around $23.80 at the latest, a break that could highlight the 100-EMA level of $23.70.

Following that, ascending trend line from March 21 and the 200-EMA, respectively near $23.55 and $23.40 in that order, could challenge the Silver bears before giving them control.

Overall, Silver buyers appear to run out of steam but the bears have a long and bumpy road to travel before retaking the driver’s seat.

Silver price: Hourly chart

Trend: Limited upside expected

Additional important levels

Overview
Today last price	23.94
Today Daily Change	-0.04
Today Daily Change %	-0.17%
Today daily open	23.98

Trends
Daily SMA20	22.31
Daily SMA50	22.22
Daily SMA100	22.61
Daily SMA200	21.05

Levels
Previous Daily High	24.19
Previous Daily Low	23.57
Previous Weekly High	24.16
Previous Weekly Low	22.83
Previous Monthly High	24.16
Previous Monthly Low	19.9
Daily Fibonacci 38.2%	23.81
Daily Fibonacci 61.8%	23.96
Daily Pivot Point S1	23.64
Daily Pivot Point S2	23.3
Daily Pivot Point S3	23.02
Daily Pivot Point R1	24.25
Daily Pivot Point R2	24.53
Daily Pivot Point R3	24.87

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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