Silver Price Analysis: XAG/USD bulls flirt with key resistance around $24.00
- Silver price picks up bids to reverse the previous day’s pullback from eight-month high.
- XAG/USD seesaws around 22-month-old resistance line as prices portray bullish moving average crossover.
- Sellers need validation from June’s top to retake control.
Silver price (XAG/USD) remains mildly bid around the eight-month high as it reverses the previous day’s pullback by rising to $24.00 during early Thursday.
In doing so, the bright metal justifies firmer MACD signals and the bullish moving average crossover, also known as the Golden cross. That said, the 50-DMA pierces the 200-DMA from below, which in turn suggests the short-term upside of the Silver price.
It’s worth noting, however, that a downward-sloping resistance line from February 2021, around $24.70, appears a tough nut to crack for the XAG/USD bulls during the quote’s further upside.
In a case where the commodity prices rally beyond $24.70, the Silver buyers can easily aim for the yearly high marked in March at around $27.00. That said, April’s peak of $26.22 may act as a buffer during the run-up toward $27.00.
On the contrary, pullback moves may aim for the $23.00 round figure before directing Silver bears toward the previous weekly low of $22.55.
Following that, June’s high near $22.51 could act as the last defense of the Silver buyers.
Should the metal price drop below $22.51, the monthly bottom surrounding $22.00 will be in focus.
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.
