Silver Price Analysis: XAG/USD stays bullish despite latest pullback from $23.00

Silver price pares intraday gains at the highest level in a week during three-day uptrend.
Overbought RSI prods XAG/USD bulls below $23.30-25 resistance confluence.
Sellers need validation from three-day-old resistance line, 100-HMA.

Anil Panchal FXStreet

Silver Price (XAG/USD) remains on the front foot at around $22.95 as it remains firmer for the third consecutive day despite the latest retreat from the intraday high. The quote’s latest pullback could be linked to the overbought RSI (14).

However, the looming bull cross on the MACD and the XAG/USD’s sustained trading beyond the 100-Hour Moving Average (HMA), as well as an ascending trend line from Friday, keeps the Silver buyers hopeful.

As a result, the XAG/USD bulls are all set to prod the convergence of the 200-HMA and a three-week-old horizontal resistance area surrounding $23.30.

Following that, the June 13 swing low of around $23.60 and a downward-sloping resistance line from June 09, close to $23.85 at the latest, could challenge the Silver buyers before directing them to the monthly high of around $24.55.

On the contrary, the aforementioned rising support line from Friday, near $22.80 by the press time, restricts the immediate downside of the Silver price. Also acting as a short-term downside filter is the 100-HMA surrounding $22.60.

In a case where the Silver bears keep the reins past $22.60, the odds of witnessing a slump towards the monthly low of near $22.10 and then to the $22.00 round figure can’t be ruled out.

Silver Price: Hourly chart

Trend: Limited upside expected

Additional important levels

Overview
Today last price	22.92
Today Daily Change	0.14
Today Daily Change %	0.61%
Today daily open	22.78

Trends
Daily SMA20	23.52
Daily SMA50	24.14
Daily SMA100	23.32
Daily SMA200	22.51

Levels
Previous Daily High	22.89
Previous Daily Low	22.42
Previous Weekly High	24.2
Previous Weekly Low	22.11
Previous Monthly High	26.14
Previous Monthly Low	22.68
Daily Fibonacci 38.2%	22.71
Daily Fibonacci 61.8%	22.6
Daily Pivot Point S1	22.51
Daily Pivot Point S2	22.23
Daily Pivot Point S3	22.04
Daily Pivot Point R1	22.98
Daily Pivot Point R2	23.17
Daily Pivot Point R3	23.45

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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