Silver Price Analysis: XAG/USD keeps bounce off 100-DMA above $24.00 to favor bulls

• Silver Price prints mild gains after posting the biggest weekly gain in six.
• Clear break of 100-DMA, upbeat oscillators favor XAG/USD to aim for multi-day-old horizontal resistance.
• Silver buyers remain hopeful beyond $24.50, Golden Fibonacci Ratio adds to the downside filters.

Silver Price (XAG/USD) picks up bids to $24.30 as it defends the previous day’s rebound from the 100-DMA amid the early hours of Monday’s Asian trading session.

In addition to the XAG/USD’s U-turn from the 100-DMA, the bullish MACD signals and firmer RSI (14), not overbought, also underpin bullish bias about the bright metal.

However, a horizontal area comprising multiple levels marked since January 2023, close to $24.50, appears a tough nut to crack for the Silver buyers.

Following that, a downward-sloping resistance line from early May, around $24.85 by the press time, may act as the final defense of the XAG/USD sellers before enabling the commodity buyers to challenge the yearly high of $26.13.

On the flip side, a daily closing beneath the 100-DMA level of $23.97 isn’t an open invitation to the Silver sellers as the 50% Fibonacci retracement of the XAG/USD upside from March to May, around $23.00, and an ascending trend line from mid-March near $22.50, will challenge the bullion’s further downside.

Also acting as the downside filter is the 61.8% Fibonacci retracement level, also known as the “Golden Fibonacci Ratio”, surrounding $22.30.

Overall, the Silver price remains on the buyer’s radar even if the upside road remains long and bumpy.

Silver Price: Daily chart

Trend: Further upside expected