Silver Price Analysis: XAG/USD pierces $24.00 to renew monthly high

• Silver remains on the front foot around intraday/monthly high.
• Rising wedge, five-week-old horizontal hurdle to challenge buyers.
• 200-SMA acts as extra support to confirm downside bias.

Silver (XAG/USD) prices remain firmer for the fifth consecutive day, up 0.25% intraday near $24.00 during Tuesday’s Asian session.

In doing so, the bright metal refreshes monthly light while staying inside a three-week-old rising wedge bearish chart pattern.

Also challenging the XAG/USD bulls is a horizontal area comprising multiple levels marked during late January, near $24.10-20.

It’s worth noting that the RSI line quickly approaches the overbought territory and may challenge the silver buyers around $24.20, if not then January’s peak of $24.70 will be in focus.

On the flip side, pullback moves may aim for breaking the rising wedge’s support line, around $23.80 by the press time.

A clear downside break of $23.80 will confirm the bearish chart pattern suggesting a fresh low of 2022, below the current figure of $21.95.

During the fall, the 200-SMA level of $23.20 and the $22.00 threshold may act as intermediate halts.

Silver: Four-hour chart

Trend: Pullback expected