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.

Anil Panchal FXStreet

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

Additional important levels

Overview
Today last price	23.54
Today Daily Change	0.03
Today Daily Change %	0.13%
Today daily open	23.51

Trends
Daily SMA20	24.07
Daily SMA50	24.42
Daily SMA100	23.35
Daily SMA200	22.08

Levels
Previous Daily High	23.62
Previous Daily Low	23.1
Previous Weekly High	23.92
Previous Weekly Low	22.68
Previous Monthly High	26.14
Previous Monthly Low	22.68
Daily Fibonacci 38.2%	23.42
Daily Fibonacci 61.8%	23.3
Daily Pivot Point S1	23.2
Daily Pivot Point S2	22.89
Daily Pivot Point S3	22.68
Daily Pivot Point R1	23.72
Daily Pivot Point R2	23.93
Daily Pivot Point R3	24.24

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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