Silver Price Analysis: XAG/USD pierces $24.00 to renew monthly high

Silver remains on the front foot around intraday/monthly high.
Rising wedge, five-week-old horizontal hurdle to challenge buyers.
200-SMA acts as extra support to confirm downside bias.

Anil Panchal FXStreet

Silver (XAG/USD) prices remain firmer for the fifth consecutive day, up 0.25% intraday near $24.00 during Tuesday’s Asian session.

In doing so, the bright metal refreshes monthly light while staying inside a three-week-old rising wedge bearish chart pattern.

Also challenging the XAG/USD bulls is a horizontal area comprising multiple levels marked during late January, near $24.10-20.

It’s worth noting that the RSI line quickly approaches the overbought territory and may challenge the silver buyers around $24.20, if not then January’s peak of $24.70 will be in focus.

On the flip side, pullback moves may aim for breaking the rising wedge’s support line, around $23.80 by the press time.

A clear downside break of $23.80 will confirm the bearish chart pattern suggesting a fresh low of 2022, below the current figure of $21.95.

During the fall, the 200-SMA level of $23.20 and the $22.00 threshold may act as intermediate halts.

Silver: Four-hour chart

Trend: Pullback expected

Additional important levels

Overview
Today last price	24.01
Today Daily Change	0.04
Today Daily Change %	0.17%
Today daily open	23.97

Trends
Daily SMA20	23.21
Daily SMA50	23.05
Daily SMA100	23.31
Daily SMA200	24.25

Levels
Previous Daily High	24.06
Previous Daily Low	23.7
Previous Weekly High	24.09
Previous Weekly Low	23.08
Previous Monthly High	24.7
Previous Monthly Low	21.96
Daily Fibonacci 38.2%	23.92
Daily Fibonacci 61.8%	23.84
Daily Pivot Point S1	23.76
Daily Pivot Point S2	23.55
Daily Pivot Point S3	23.39
Daily Pivot Point R1	24.12
Daily Pivot Point R2	24.28
Daily Pivot Point R3	24.49

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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