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.
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
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.
