Silver Price Analysis: Sets for a fresh bull ride above $24

• Silver price has witnessed a sheer upside led by strength in risk-on profile.
• A slippage in the US PCE Price Index has trimmed US Dollar Index’s appeal.
• The RSI (14) has attempted to shift in the bullish range of 60.00-80.00.

Silver Price (XAG/USD) is facing barricades near $24.00 after a sheer upside in the Asian session. The strengthening of the risk appetite theme has impacted the US Dollar Index (DXY). The USD Index opened on a weaker note to near 103.75 and dropped further to 103.60 as investors are dumping the safe-haven due to a drop in the United States Personal Consumption Expenditure (PCE)-Price Index.

Meanwhile, the 10-year US Treasury yields have slipped below 3.74% as investors see further decline in the US Consumer Price Index (CPI) amid a decline in household expenditure. S&P500 futures have extended their gains after a revival move on Friday as equities are getting comfort from the risk-on profile.

On an hourly scale, Silver Price has been supported by the 200-period Exponential Moving Average (EMA) at around $23.50. The upward-sloping trendline placed from November 28 low around $20.90 will continue to act as a major cushion for the Silver price.

The Relative Strength Index (RSI) (14) has attempted to shift in the bullish range of 60.00-80.00, which will trigger a bullish momentum ahead.

Going forward, a decisive break above the $24.00 resistance will expose Silver price for more upside towards the previous week’s high around $24.30, followed by April 22 high at $24.67.

Alternatively, a break below December 22 low at $23.40 will drag the asset toward December 19 low at $22.84 and December 6 low at $22.03.

Silver hourly chart