Silver Price Analysis: XAG/USD buyers need validation from $22.50


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  • Silver price remains firmer at the highest levels in six months.
  • Clear break of descending trend line from March, sustained bounce off 200-day EMA favor bulls.
  • June’s peak could challenge further upside as RSI approaches overbought territory.

Silver price (XAG/USD) renews a six-month high of around $22.40 early Thursday, after crossing the key resistance line stretched from March.

The bright metal registered the biggest daily jump in three weeks the previous day while portraying a sustained bounce from the 200-day Exponential Moving Average (EMA).

However, the nearly overbought Relative Strength Index (RSI) line, placed at 14, challenges the XAG/USD bulls as they approach June’s peak surrounding $22.50.

Hence, a daily closing beyond the same becomes necessary for the Silver buyers to keep control.

In that case, May’s peak near $23.30 and March’s low around $24.00 could lure the XAG/USD bulls.

On the flip side, pullback moves remain elusive unless staying beyond the aforementioned eight-month-old resistance-turned-support line, currently around $22.15.

Following that, October’s high near $21.25 and the 200-day EMA level surrounding $21.00 could challenge Silver sellers.

Also acting as the downside filter is August month’s high near $20.85 and May’s low near $20.45.

Overall, the Silver price remains on the buyer’s radar but the metal’s further upside hinges on a $22.50 breakout.

Silver: Daily chart

Trend: Limited upside expected

Additional important levels

Overview
Today last price 22.27
Today Daily Change 0.07
Today Daily Change % 0.32%
Today daily open 22.2
 
Trends
Daily SMA20 21.23
Daily SMA50 20.07
Daily SMA100 19.67
Daily SMA200 21.33
 
Levels
Previous Daily High 22.2
Previous Daily Low 21.2
Previous Weekly High 21.68
Previous Weekly Low 20.58
Previous Monthly High 22.25
Previous Monthly Low 18.84
Daily Fibonacci 38.2% 21.81
Daily Fibonacci 61.8% 21.58
Daily Pivot Point S1 21.53
Daily Pivot Point S2 20.87
Daily Pivot Point S3 20.54
Daily Pivot Point R1 22.53
Daily Pivot Point R2 22.86
Daily Pivot Point R3 23.52

 

 

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