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- Silver Price Analysis: XAG/USD bulls occupy driver’s seat despite recent retreat to $25.00
Silver Price Analysis: XAG/USD bulls occupy driver’s seat despite recent retreat to $25.00
- Silver price grinds higher after reversing from one-year top.
- Successful trading above the previously key resistance area, bullish MACD signals favor XAG/USD bulls.
- 10-month-old ascending resistance line, overbought RSI challenges Silver buyers.
Silver price (XAG/USD) seesaws around $25.00 during early Thursday, following a volatile Wednesday that initially refreshed a one-year high before marking the daily loss.
In doing so, the bright metal justifies the overbought RSI (14) while easing below an upward-sloping resistance line from April 2022.
It’s worth noting, however, that the quote marked a corrective bounce late Wednesday. The same could be linked to the XAG/USD’s inability to break three-month-old key support, previous resistance around $24.55-65. Additionally favoring the rebound are the bullish MACD signals.
Hence, the Silver price is likely to remain firmer unless breaking below $24.55.
Even if the quote breaks the stated resistance-turned-support, an ascending support line from the mid-March, near $24.05, can act as an extra filter towards the south.
Meanwhile, recovery moves may find it difficult to cross the multi-day-old resistance line, near $25.30 by the press time.
In a case where the Silver price ignores the overbought RSI and crosses the aforementioned resistance of around $25.30, the April 2022 high of around $26.25 may act as an intermediate halt during the likely run-up towards the previous yearly peak of $26.95.
Overall, the Silver price stays bullish despite the latest pullback. However, the metal’s north run is likely to remain long and bumpy.
Silver price: Daily chart
Trend: Limited upside expected
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