Silver Price Analysis: 50-day EMA, nearby resistance line guards XAG/USD upside

• Silver grinds higher around monthly top, pauses rebound from three-month top.
• Bullish MACD signals, sustained break of 20-day EMA keep buyers hopeful.
• 61.8% Fibonacci retracement offers immediate support, double bottom around $21.40 is the key.

Silver (XAG/USD) seesaws around $23.00 during the pre-European session inaction on Tuesday.

The bright metal refreshed monthly top the previous day before easing from $23.11. The pullback moves remain present at the latest as a confluence of the 50-day EMA and an ascending resistance line from December 13 challenges the buyers.

Even so, a clear upside break of the 20-day EMA and bullish MACD signals favor the XAG/USD buyers amid the holiday season.

Hence, silver prices are likely to keep the recovery moves from the double bottoms marked during September and so far December around $21.40. However, the stated key resistance convergence near $23.15, offers a breathing space to the metal buyers.

Following that, the 50% Fibonacci retracement (Fibo.) of September-November upside, close to $23.40, adds to the upside filters.

Alternatively, the 61.8% Fibo. level near $22.95, restricts the quote’s immediate downside ahead of the 20-day EMA level of $22.78.

During the bullion’s weakness past $22.78, the early month’s swing high near $22.60 may offer an intermediate halt before directing silver bear to $21.40 key support.

Silver: Daily chart

Trend: Further upside expected