Silver Price Analysis: XAG/USD looks to test the rising channel hurdle at $23.60

Silver looks to extend the bounce while above critical support.
Hourly RSI edges higher above the midline, pointing to more gains.
$23.60 is the level to beat for XAG/USD’s bulls.

Dhwani Mehta FXStreet

Silver (XAG/USD) buyers are once again in near-term control, as the price continues to find support near 50-hourly Simple Moving Average (HMA), currently at $22.80. At the level, the 21-HMA also coincides, making it strong support for the bulls.

The white metal heads towards the rising trendline hurdle at $23.60, a break above which could open doors for a test of the bearish 100-HMA at $23.90.

The hourly Relative Strength Index (RSI) looks north, at 57.47, allowing for further upside. Also, the 21-HMA is set to pierce the 50-HMA from below, yielding a bullish crossover and adding credence to the recent rebound from $21.65 neighborhood.

Alternatively, selling pressure could intensify below the aforesaid critical cushion, with the rising trendline support at $22.40 on sellers’ radar. A breach of the latter would validate a rising channel breakdown, prompting the resumption of the recent sell-off.

XAG/USD: Hourly chart

XAG/USD: Additional levels

XAG/USD

Overview
Today last price	23.22
Today Daily Change	0.05
Today Daily Change %	0.22
Today daily open	23.14

Trends
Daily SMA20	26.45
Daily SMA50	25.81
Daily SMA100	21.71
Daily SMA200	19.1

Levels
Previous Daily High	23.35
Previous Daily Low	21.66
Previous Weekly High	27.63
Previous Weekly Low	26.3
Previous Monthly High	29.86
Previous Monthly Low	23.44
Daily Fibonacci 38.2%	22.71
Daily Fibonacci 61.8%	22.31
Daily Pivot Point S1	22.08
Daily Pivot Point S2	21.02
Daily Pivot Point S3	20.39
Daily Pivot Point R1	23.78
Daily Pivot Point R2	24.41
Daily Pivot Point R3	25.47

Author

Dhwani Mehta

FXStreet

Residing in Mumbai (India), Dhwani is a Senior Analyst and Manager of the Asian session at FXStreet. She has over 10 years of experience in analyzing and covering the global financial markets, with specialization in Forex and commodities markets.

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