Silver Price Analysis: XAG/USD bulls keep the reins above $25.00
- Silver price seesaws around weekly resistance line, struggles to extend bounce off 100-SMA.
- Steady oscillators, successful rebound from key SMA, trend line signal further upside of XAG/USD price.
- Silver buyers brace for fresh one-year high but the previous support line from March can prod XAG/USD bulls.
Silver price (XAG/USD) remains sidelined around $25.15-20 as it struggles to extend the week-start rebound from 100-SMA support during early Tuesday. In doing so, the bright metal prods a one-week-old descending resistance line amid steady RSI (14) and mildly positive MACD signals. As a result, the XAG/USD buyers are likely to keep the reins.
However, a downward-sloping trend line from April, around $25.40 at the latest, precedes the current monthly high of around $26.10, as well as the one-year top, can act as intermediate halts during the Silver price run-up beyond $25.40.
It’s worth noting, though, that the April 2022 high of near $26.25 and the previous support line from March 16, now resistance near $26.30, appear tough nuts to crack for the Silver buyers.
Meanwhile, pullback moves remain elusive beyond the 100-SMA levels of around $24.95.
Even if the XAG/USD breaks the 100-SMA support of near $24.95, an upward-sloping trend line from April 06, close to $24.65 by the press time, could challenge the commodity’s further downside.
In a case where the Silver price remains bearish past $24.65, the $24.20 may act as an intermediate halt before directing the quote toward the monthly low of around $23.60.
Overall, Silver bears remain off the table unless witnessing a clear break of $24.65.
Silver price: Four-hour 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.
