XAG / USD moves from support turned resistance around $ 23.50


  • Money consolidates the biggest daily gains in three months.
  • MACD teases the bulls but a clear break from the previous support line, 20-DMA becomes necessary for further upside.
  • The latest swing lows restrict short-term declines before the monthly low.

Silver (XAG / USD) takes bids around $ 23.55, down 0.26% on a day, during Tuesday’s Asian session.

The shiny metal surged the most since mid-May the previous day, offering a daily close above 10-DMA for the first time since early August.

As the previous momentum prompts silver buyers to take back orders, a downward sloping trendline from June 21 challenges the price’s immediate rise to around $ 23.66.

In addition to the previous support line, the 20-DMA level near $ 24.20 and the July low near $ 24.50 are also challenging the commodity bulls.

It should be noted that a descending resistance line from June 11 strengthens the $ 24.50 hurdle.

Meanwhile, a bearish breakout of 10-DMA, around $ 23.50, will bring the quote back to the horizontal support of $ 23.00 including marked lows in two weeks.

However, any further weakness beyond $ 23.00 may make silver prices vulnerable to retest the monthly low, also the lowest since November 2020, around $ 22.15.

Silver: Daily chart

Trend: expected withdrawal


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