• 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.

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

Today last price 23.06
Today Daily Change 0.08
Today Daily Change % 0.35%
Today daily open 22.98
Daily SMA20 24.27
Daily SMA50 24.77
Daily SMA100 23.93
Daily SMA200 23.76
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



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