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.
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
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.
