Silver Price Analysis: XAG/USD renews fortnight top above $23.00 on crossing 100-DMA
- Silver prices take the bids to refresh multi-day highs during four-day uptrend.
- Clear upside past 100-DMA joins recently improving MACD to favor buyers.
- Key Fibonacci retracement levels may test bulls on the way to 200-DMA.
- Monthly horizontal support becomes key support to watch.
Silver (XAG/USD) extends the previous three-day run-up towards $23.50 during Wednesday’s Asian session. That said, the quote prints 0.25% intraday gains with $23.26 as a price by the press time.
The bright metal’s latest rise could be linked to the 100-DMA breakout and the MACD conditions that tease bulls.
Moving on, the 50% and 61.8% Fibonacci retracement (Fibo.) levels of November-December 2021 declines, respectively around $23.40 and $23.90, could challenge the XAG/USD buyers.
However, the $24.00 threshold and the 200-DMA level of $24.40 will be tough nuts to crack for the commodity bulls.
Alternatively, pullback moves may remain elusive beyond the 100-DMA level of $23.20, a break of which will direct silver prices towards the 38.2% and 23.6% Fibo. levels, close to $22.90 and $22.35 in that order.
Following that, XAG/USD bears will have a tough time breaking a one-month-old horizontal support zone around $22.00.
Silver: Daily chart
Trend: Further upside expected