• Silver grinds higher around three-week top on looming bullish moving average cross.
  • Upbeat MACD signals keep buyers hopeful, 23.6% Fibonacci retracement guards immediate upside.
  • Sellers remain unconvinced beyond $23.00, January’s peak lure bulls.

Silver (XAG/USD) buyers take a breather around three-week high, taking rounds to $23.85-90 during the initial Asian session on Tuesday.

In doing so, the bright metal bulls attack 23.6% Fibonacci retracement (Fibo.) of December-January upside.

That said, the 50-SMA stays ready to pierce the 200-SMA, suggesting a bull cross, amid price-positive signals from the MACD.

Hence, XAG/USD buyers are waiting for the $24.00 breakout to excel further, which in turn will highlight the previous month’s top near $24.70.

Following that, the $25.00 threshold and November 2021 peak surrounding $25.40 will be in focus.

Alternatively, pullback moves may aim for the 38.2% Fibo. level near $23.45 but a convergence of the 50-SMA and 200-SMA, as well as the 50% Fibonacci retracement, highlights $23.05, as the key support level.

Also acting as a downside filter is the $23.00 round figure, a break of which will welcome XAG/USD sellers targeting a monthly low of $22.00.

Silver: Four-hour chart

Trend: Further upside expected

This article was originally published by Fxstreet.com.Read the original article here.

LEAVE A REPLY

Please enter your comment!
Please enter your name here