Silver Price Analysis: XAG/USD battles $24.00 hurdle amid impending bull cross

Silver grinds higher around three-week top on looming bullish moving average cross.
Upbeat MACD signals keep buyers hopeful, 23.6% Fibonacci retracement guards immediate upside.
Sellers remain unconvinced beyond $23.00, January’s peak lure bulls.

Anil Panchal FXStreet

Silver (XAG/USD) buyers take a breather around three-week high, taking rounds to $23.85-90 during the initial Asian session on Tuesday.

In doing so, the bright metal bulls attack 23.6% Fibonacci retracement (Fibo.) of December-January upside.

That said, the 50-SMA stays ready to pierce the 200-SMA, suggesting a bull cross, amid price-positive signals from the MACD.

Hence, XAG/USD buyers are waiting for the $24.00 breakout to excel further, which in turn will highlight the previous month’s top near $24.70.

Following that, the $25.00 threshold and November 2021 peak surrounding $25.40 will be in focus.

Alternatively, pullback moves may aim for the 38.2% Fibo. level near $23.45 but a convergence of the 50-SMA and 200-SMA, as well as the 50% Fibonacci retracement, highlights $23.05, as the key support level.

Also acting as a downside filter is the $23.00 round figure, a break of which will welcome XAG/USD sellers targeting a monthly low of $22.00.

Silver: Four-hour chart

Trend: Further upside expected

Additional important levels

Overview
Today last price	23.85
Today Daily Change	0.24
Today Daily Change %	1.02%
Today daily open	23.61

Trends
Daily SMA20	23.24
Daily SMA50	22.87
Daily SMA100	23.22
Daily SMA200	24.36

Levels
Previous Daily High	23.69
Previous Daily Low	22.86
Previous Weekly High	23.72
Previous Weekly Low	22.49
Previous Monthly High	24.7
Previous Monthly Low	21.96
Daily Fibonacci 38.2%	23.37
Daily Fibonacci 61.8%	23.18
Daily Pivot Point S1	23.08
Daily Pivot Point S2	22.56
Daily Pivot Point S3	22.25
Daily Pivot Point R1	23.91
Daily Pivot Point R2	24.21
Daily Pivot Point R3	24.74

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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