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.

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

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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

 

 

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