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    Silver Price Analysis: XAG/USD crosses support-turned-resistance above $23.00

    Abstract:Silver (XAG/USD) takes the bids to renew daily high around $23.25 during Thursdays Asian session.

      Silver: Daily chart

    XAG_USD-05052022-637873098443651053.png

      Silver refreshes intraday high during two-day rebound, crosses short-term hurdle.

      RSI rebound from oversold territory adds to the bullish bias targeting 200-DMA.

      Bears need validation from 78.6% Fibonacci retracement to retake control.

      In doing so, the bright metal pierces the previous support line from late 2021 while extending Wednesdays rebound from 78.6% Fibonacci retracement of (Fibo.) of an upside from December 2021 to March 2022.

      Given the RSI rebound from the nearly oversold territory also favoring the buyers, XAG/USD is up for challenging the 200-DMA level surrounding $23.75. However, 61.8% Fibo. near $23.55, will test the immediate upside momentum.

      Should the bullion prices rally beyond $23.75, Marchs low around $24.00 will act as the last defense of bears.

      On the flip side, pullback moves remain elusive until staying beyond the aforementioned support-turned-resistance line, at $23.05 by the press time.

      Following that, the 78.6% Fibonacci retracement level near $22.55 and the monthly low near $22.10 could lure the silver bears.

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    • Australia Dollar
    • Canadian Dollar
    • Swiss Franc
    • Chinese Yuan
    • Danish Krone
    • Euro
    • British Pound
    • Hong Kong Dollar
    • Hungarian Forint
    • Japanese Yen
    • South Korean Won
    • Mexican Peso
    • Malaysian Ringgit
    • Norwegian Krone
    • New Zealand Dollar
    • Polish Zloty
    • Russian Ruble
    • Saudi Arabian Riyal
    • Swedish Krona
    • Singapore Dollar
    • Thai Baht
    • Turkish Lira
    • United States Dollar
    • South African Rand
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