Silver Price Analysis: XAG/USD bulls seek $28.35 breakout to keep controls
- Silver bulls catch a breather inside 15-pip trading range.
- Late February tops challenge further upside, pullback can aim for $27.95–85 support zone.
Silver eases to $28.23, up 0.28% intraday, while staying around three-month top during early Tuesday.
The white metal refreshed monthly low after crossing the $27.95-85 resistance area established since mid-February, now support. However, February 22-23 highs near $28.35 guard the commodity’s immediate upside amid bullish MACD.
Given the quote’s sustained break of the key hurdle, coupled with the successful uptrend, portrayed by an ascending support line since March 31, silver is likely to cross the nearby resistance close to $28.35.
Following that, the $29.00 may offer an intermediate halt before propelling the prices toward the yearly top near $30.00.
Meanwhile, pullback moves below the $27.85 could drag the quote towards a $27.00 retest. Though, a confluence of the stated support line and 21-day SMA near $26.80 will be the tough nut to crack for silver sellers afterward.
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.
