XAG/USD is fighting the USD 24.00 hurdle amid an upcoming bull cross
- Silver is dragging higher around the three-week high on the looming bullish moving average cross.
- Bullish MACD signals keep buyers hopeful, the 23.6% Fibonacci retracement protects the immediate upside.
- Beyond the $23.00 high in January, sellers are unconvinced.
Silver (XAG/USD) buyers are taking a breather around the three-week high and rounding to $23.85-$90 during Tuesday’s first Asian session.
As the bright metal bulls attack the December-January 23.6% Fibonacci retracement (Fibo.) on the upside.
That is, the 50-SMA remains poised to pierce the 200-SMA, suggesting a bullish cross, amid price positive signals from the MACD.
As such, XAG/USD buyers are waiting for the breakout from $24.00 to further stand out, which in turn will highlight last month’s high near $24.70.
After that, focus will be on the $25.00 threshold and the November 2021 peak around $25.40.
Alternatively, pullback moves can target the 38.2% Fibo. Levels near $23.45 but a convergence of the 50-SMA and 200-SMA and the 50% Fibonacci retracement highlights $23.05 as the key support level.
Also acting as a downside filter is the $23.00 round number, a break of which will welcome XAG/USD sellers targeting a monthly low of $22.00.
Silver: four hour chart
Trend: Further uptrend expected
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