Silver Price Analysis: XAG/USD crosses support-turned-resistance above $23.00

Silver refreshes intraday high during two-day rebound, crosses short-term hurdle.
RSI rebound from oversold territory adds to the bullish bias targeting 200-DMA.
Bears need validation from 78.6% Fibonacci retracement to retake control.

Anil Panchal FXStreet

Silver (XAG/USD) takes the bids to renew daily high around $23.25 during Thursday’s Asian session.

In doing so, the bright metal pierces the previous support line from late 2021 while extending Wednesday’s rebound from 78.6% Fibonacci retracement of (Fibo.) of an upside from December 2021 to March 2022.

Given the RSI rebound from the nearly oversold territory also favoring the buyers, XAG/USD is up for challenging the 200-DMA level surrounding $23.75. However, 61.8% Fibo. near $23.55, will test the immediate upside momentum.

Should the bullion prices rally beyond $23.75, March’s low around $24.00 will act as the last defense of bears.

On the flip side, pullback moves remain elusive until staying beyond the aforementioned support-turned-resistance line, at $23.05 by the press time.

Following that, the 78.6% Fibonacci retracement level near $22.55 and the monthly low near $22.10 could lure the silver bears.

Silver: Daily chart

Trend: Further upside expected

Additional important levels

Overview
Today last price	23.06
Today Daily Change	0.08
Today Daily Change %	0.35%
Today daily open	22.98

Trends
Daily SMA20	24.27
Daily SMA50	24.77
Daily SMA100	23.93
Daily SMA200	23.76

Levels
Previous Daily High	23.1
Previous Daily Low	22.22
Previous Weekly High	24.18
Previous Weekly Low	22.68
Previous Monthly High	26.22
Previous Monthly Low	22.68
Daily Fibonacci 38.2%	22.76
Daily Fibonacci 61.8%	22.55
Daily Pivot Point S1	22.43
Daily Pivot Point S2	21.88
Daily Pivot Point S3	21.55
Daily Pivot Point R1	23.31
Daily Pivot Point R2	23.64
Daily Pivot Point R3	24.19

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.

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