Silver Price Analysis: XAG/USD bulls attack $23.00 with eyes on YTD high
- Silver price seesaws near seven-week high after refreshing the multi-day top.
- Sustained break of nine-month-old horizontal resistance area, upbeat oscillators favor XAG/USD bulls.
- Silver bears stay unconvinced beyond ascending support line from September 2022.
Silver price (XAG/USD) remains firmer at the highest level since early February, after rising the most in a week the previous day, as bulls take a breather around $23.00 during early Thursday.
In doing so, the bright metal seems struggling amid the nearly overbought RSI but stays on the buyer’s radar amid a successful upside break of the previous resistance area from early June 2022 and the key Daily Moving Averages (DMAs) amid bullish MACD signals.
That said, multiple hurdles marked during early 2023 guard the XAG/USD’s immediate upside near $23.30, $24.00 round figure and the $24.30 hurdles before challenging the Year-To-Date (YTD) high surrounding $24.65.
Meanwhile, the aforementioned horizontal resistance-turned-support appears a tough nut to crack for the Silver bears as it comprises multiple levels marked since June 2022, as well as the 50-DMA and 100-DMA, while challenging the bears near $22.25-55.
Should the XAG/USD remains weak past $22.25, the mid-March bottom of around $21.50 and the 50% Fibonacci retracement level of the metal’s upside from September 2022 to March 2023, near $21.10, could test the downside moves.
It’s worth noting that the 61.8% Fibonacci retracement level and an upward-sloping support line from September 2022, respectively near $20.25 and $20.10, quickly followed by the $20.00 psychological magnet, appear the last defenses of the XAG/USD bears.
To sum up, Silver is likely to remain firmer despite multiple hurdles prod the XAG/USD bulls.
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.
