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