Silver Price Analysis: XAG/USD rebound prods $23.60 resistance confluence
- Silver Price grinds near weekly high as bulls attack convergence of key resistance lines.
- Upbeat MACD signals suggest further XAG/USD advances but 200-SMA is the key hurdle.
- 50-SMA, weekly support line restricts immediate downside of the Silver Price.
Silver Price (XAG/USD) clings to mild gains near $23.50-55 as bulls take a breather while jostling with the short-term key resistance during early Thursday. In doing so, the bright metal also makes rounds to the weekly high amid a three-day uptrend.
A convergence of a downward-sloping trend line from May 05 and a fortnight-old descending resistance line appears challenging the XAG/USD buyers around $23.60.
That said, a sustained break of the 50-SMA and bullish MACD signals keep the Silver buyers hopeful of crossing the $23.60 hurdle, which in turn will allow them to meet the $24.00 round figure.
However, the 200-SMA level of around $24.50 can challenge the XAG/USD afterward, if not then the $25.00 round figure may act as an intermediate halt during the quote’s run-up targeting the previous monthly peak of around $26.15. It should be noted that April’s high of $26.08 also challenges the Silver buyers past the $26.00 threshold.
Alternatively, the 50-SMA level of around $23.25 precedes a one-week-long rising trend line, close to $23.20 at the latest, to restrict the intraday fall of the Silver price.
Following that, the latest trough marked the last Friday near $22.70 and November 2022 high near $22.25 may act as the last defenses of the XAG/USD buyers.
Silver Price: Four-hour chart
Trend: Limited upside 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.
