XAG/USD bulls flirt with key resistance around $24.00

  • Silver price picks up bids to reverse the previous day’s pullback from eight-month high.
  • XAG/USD seesaws around 22-month-old resistance line as prices portray bullish moving average crossover.
  • Sellers need validation from June’s top to retake control.

Silver price (XAG/USD) remains mildly bid around the eight-month high as it reverses the previous day’s pullback by rising to $24.00 during early Thursday.

In doing so, the bright metal justifies firmer MACD signals and the bullish moving average crossover, also known as the Golden cross. That said, the 50-DMA pierces the 200-DMA from below, which in turn suggests the short-term upside of the Silver price.

It’s worth noting, however, that a downward-sloping resistance line from February 2021, around $24.70, appears a tough nut to crack for the XAG/USD bulls during the quote’s further upside.

In a case where the commodity prices rally beyond $24.70, the Silver buyers can easily aim for the yearly high marked in March at around $27.00. That said, April’s peak of $26.22 may act as a buffer during the run-up toward $27.00.

On the contrary, pullback moves may aim for the $23.00 round figure before directing Silver bears toward the previous weekly low of $22.55.

Following that, June’s high near $22.51 could act as the last defense of the Silver buyers.

Should the metal price drop below $22.51, the monthly bottom surrounding $22.00 will be in focus.

Silver price: Daily chart

Trend: Further upside expected


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