Silver Price Analysis: XAG/USD eases to $23.50 inside fortnight-old bullish channel
- Silver struggles to carry the previous day’s gains inside a bullish chart pattern.
- Receding bearish bias of MACD, key SMAs keep buyers hopeful.
- Monthly resistance line adds to the upside filters.
Silver (XAG/USD) refreshes intraday low to $23.54, down 0.40% on a day during Thursday’s Asian session.
In doing so, the bright metal stays inside a two-week-old ascending trend channel formation despite failing to extend the previous day’s gains.
The recent pullback eyes the stated channel’s support line near $23.40 but the MACD conditions and important SMA levels challenge the XAG/USD bears afterward.
That said, the 200-SMA level of $23.10 precedes the 100-SMA surrounding $23.00 to test the metal’s downside past $23.40.
In a case where the silver sellers dominate past $23.00, the monthly low of $22.00 should return to the chart.
On the contrary, a downward sloping trend line from January 20, close to $23.85, guards the quote’s immediate upside ahead of directing the silver buyers towards the stated channel’s resistance line, near $24.30 by the press time.
Silver: Four-hour chart
Trend: Further upside expected
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.
