Silver Price Analysis: XAG/USD bulls keep the reins above $28.00
- Silver prices pick-up bids around the highest levels in three weeks.
- Clearance of horizontal resistance from January 06 backs the bulls.
- Confluence of 21-day SMA, monthly falling trend line offers strong support.
Silver rises to $28.21 during the initial Asian session on Tuesday. The white metal cleared two key hurdles the previous day for climbing to the early February tops before easing from $28.28.
However, the commodity stays above previous resistances amid strong RSI conditions, which in turn keeps the bulls hopeful.
Hence, the $29.00 is up on the buyers’ radar while the $30.00 psychological magnet and the monthly top near $30.10 being the key hurdles to watch afterward.
Alternatively, a downside break below the seven-week-old horizontal support near $27.95 can restrict the bullion’s immediate downside ahead of dragging it to the convergence of 21-day SMA and a downward sloping trend line from February 01, currently around $27.05.
In a case where silver bears manage to sneak in below $27.00, the monthly low near 425.90 will be on their radars.
Overall, silver cleared the key upside barrier and is up for fresh north-run.
Silver daily chart
Trend: Bullish
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.
