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Silver Price Analysis: XAG/USD crosses support-turned-resistance above $23.00
Abstract：Silver (XAG/USD) takes the bids to renew daily high around $23.25 during Thursdays Asian session.
Silver: Daily chart
Silver refreshes intraday high during two-day rebound, crosses short-term hurdle.
RSI rebound from oversold territory adds to the bullish bias targeting 200-DMA.
Bears need validation from 78.6% Fibonacci retracement to retake control.
In doing so, the bright metal pierces the previous support line from late 2021 while extending Wednesdays rebound from 78.6% Fibonacci retracement of (Fibo.) of an upside from December 2021 to March 2022.
Given the RSI rebound from the nearly oversold territory also favoring the buyers, XAG/USD is up for challenging the 200-DMA level surrounding $23.75. However, 61.8% Fibo. near $23.55, will test the immediate upside momentum.
Should the bullion prices rally beyond $23.75, Marchs low around $24.00 will act as the last defense of bears.
On the flip side, pullback moves remain elusive until staying beyond the aforementioned support-turned-resistance line, at $23.05 by the press time.
Following that, the 78.6% Fibonacci retracement level near $22.55 and the monthly low near $22.10 could lure the silver bears.
Disclaimer:
The views in this article only represent the author's personal views, and do not constitute investment advice on this platform. This platform does not guarantee the accuracy, completeness and timeliness of the information in the article, and will not be liable for any loss caused by the use of or reliance on the information in the article.
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