Silver Price Analysis: XAG/USD pierces 12-day-old resistance to aim for $23.00

Silver extends Friday’s rebound, battles 50-SMA while easing from intraday high.
Bullish MACD conditions, trend line breakout keep buyers hopeful.
200-SMA adds to the upside filters, monthly support line challenges bears.

Anil Panchal FXStreet

Silver (XAG/USD) stays on the front foot around $22.70, up 0.80% intraday during Monday’s Asian session.

In doing so, the bright metal crosses a downward sloping trend line from January 20 but battles the 50-SMA level to extend Friday’s recovery from a five-week low.

Given the bullish MACD, silver prices are likely to overcome the immediate hurdle surrounding $22.70. However, a clear upside break of the 200-SMA level close to $23.00 will be needed for the XAG/USD bulls to keep reins.

Following that, a horizontal area comprising multiple levels marked since January 18, near $23.60-65, will be crucial to watch.

Alternatively, pullback moves remain elusive beyond the resistance-turned-support line near $22.50.

Even if the silver sellers break the previous resistance line, an upward sloping trend line from early January, near $22.30 and the $22.00 threshold will challenge the metal’s further weakness.

Silver: Four-hour chart

Trend: Further upside expected

Additional important levels

Overview
Today last price	22.68
Today Daily Change	0.17
Today Daily Change %	0.76%
Today daily open	22.51

Trends
Daily SMA20	23.15
Daily SMA50	22.8
Daily SMA100	23.18
Daily SMA200	24.46

Levels
Previous Daily High	22.67
Previous Daily Low	22.12
Previous Weekly High	23.05
Previous Weekly Low	22.01
Previous Monthly High	24.7
Previous Monthly Low	21.96
Daily Fibonacci 38.2%	22.46
Daily Fibonacci 61.8%	22.33
Daily Pivot Point S1	22.19
Daily Pivot Point S2	21.88
Daily Pivot Point S3	21.64
Daily Pivot Point R1	22.75
Daily Pivot Point R2	22.99
Daily Pivot Point R3	23.3

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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