Silver Price Analysis: XAG/USD bulls eye monthly hurdle above $22.00 on crossing 21-DMA

• Silver remains on the front foot around 12-day high, up for the third consecutive day.
• Clear break of 21-DMA, bullish MACD signals direct buyers towards one-month-old resistance line.
• Bears need a downside break of $21.00 to retake control.

Silver (XAG/USD) pierces the 21-DMA while extending the previous day’s run-up to a fortnight high during Wednesday’s Asian session. That said, the bright metal rises to $22.15 at the latest.

Not only a break of the short-term key moving average but bullish MACD signals also underpin the upside bias for the commodity prices.

That said, a descending trend line from April 29, around $22.40, appears immediate key resistance for the quote to cross.

Following that, a run-up towards the $23.00 threshold and late April swing high close to $23.60 can’t be ruled out.

However, an area comprising the 50-DMA and the 100-DMA around $23.70-80, appears a tough nut to crack for the XAG/USD bulls afterward.

On the contrary, pullback moves may have to defy the DMA breakout, around $22.00 by the press time, to direct silver prices towards a two-week-long horizontal rea near $21.20-10.

In a case where the metal remains weak past $21.10, also conquers the $21.00 threshold, it can plummet to the $20.00 psychological magnet.

Silver: Daily chart

Trend: Further upside expected