Silver Price Analysis: XAG/USD eyes another battle with 21-DMA hurdle around $23.50

Silver Price picks up bids to reverse the previous day’s retreat from three-week high.
Firmer MACD signals, repeated failures to break 100-DMA keep buyers hopeful.
Daily closing beyond $24.10 becomes necessary for XAG/USD bears to keep the reins.

Anil Panchal FXStreet

Silver Price (XAG/USD) regains upside momentum, following the previous day’s U-turn from a multi-day high, as buyers prod $23.50 amid early Thursday. In doing so, the XAG/USD eyes another attempt to break the 21-DMA hurdle after portraying three failures to cross the short-term moving average resistance in the last week.

That said, the bullish MACD signals and repeated failures to break the 100-DMA support, around $23.30 by the press time, underpin the hopes of the Silver Price run-up.

In a case where the XAG/USD crosses the 21-DMA hurdle of $23.55, it can rise towards a three-week-old horizontal resistance area surrounding $24.00-24.10.

However, April’s low of near $24.50 and February’s high surrounding $24.65 could challenge the Silver buyers afterward.

On the flip side, a daily closing below the 100-DMA support of $23.30 becomes necessary for the Silver bear’s conviction.

Even so, an upward-sloping support line from early March, close to $23.15 by the press time, quickly followed by the $23.00 round figure, can restrict the short-term downside of the Silver Price.

To sum up, the Silver Price is likely to recover but the upside room appears limited.

Silver Price: Daily chart

Trend: Limited recovery expected

Additional important levels

Overview
Today last price	23.5
Today Daily Change	0.06
Today Daily Change %	0.26%
Today daily open	23.44

Trends
Daily SMA20	23.56
Daily SMA50	24.47
Daily SMA100	23.34
Daily SMA200	22.2

Levels
Previous Daily High	24.06
Previous Daily Low	23.4
Previous Weekly High	24.02
Previous Weekly Low	22.93
Previous Monthly High	26.14
Previous Monthly Low	22.68
Daily Fibonacci 38.2%	23.65
Daily Fibonacci 61.8%	23.81
Daily Pivot Point S1	23.21
Daily Pivot Point S2	22.98
Daily Pivot Point S3	22.56
Daily Pivot Point R1	23.86
Daily Pivot Point R2	24.28
Daily Pivot Point R3	24.51

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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