Silver Price Analysis: XAG/USD bulls remain hopeful around $24.00
- Silver seesaws around three-week tops, pokes short-term rising channel’s resistance.
- Firmer RSI hints favor bullish cross, suggesting further upside.
- 13-day-old horizontal area adds to the downside filters.
Silver (XAG/USD) defends $24.00 near the highest level since August 09 during a sluggish Asian session on Tuesday. The bright metal refreshed multi-day top the previous day but couldn’t cross a two-week-old rising channel.
However, a firmer RSI line hints at the 50-SMA’s crossover of the 100-SMA, which in turn could help the quote to overcome the $24.30 immediate hurdle.
Following that, 61.8% Fibonacci retracement of August 04–09 downside and the monthly high, respectively around $24.55 and $26.00 will lure XAG/USD bulls.
On the flip side, 38.2% Fibonacci retracement joins the convergence of the 50-SMA and 100-SMA to highlight $23.60 as strong support. Also acting as a downside filter is the stated channel’s lower line near $23.50.
In a case where silver sellers conquer the $23.50 support, the commodity prices will aim for the short-term horizontal area surrounding $23.00 ahead of looking at the yearly low close to $22.15.
Silver: Four-hour 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.
