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Abstract:Silver (XAG/USD) prices struggle to extend the previous day‘s gains, despite a bullish moving average crossover, around $25.20-30 during Tuesday’s Asian session.
Silver prices retreat after an upbeat start to the week.
Golden cross, firmer RSI favor bulls, 10-DMA guards immediate upside.
Ascending support line from early February acts as the key support.
The bright metal justifies the 50-DMAs run-up through the 200-DMA, known as a golden cross, on Monday but the bulls seem to need validation from the 10-DMA level of $25.35. Also challenging the upside momentum are the bearish MACD signals.
Even so, firmer RSI and the commoditys ability to stay beyond an upward sloping trend line from February 03, around $24.80 at the latest, keep XAG/USD bulls hopeful.
That said, the March 10 high around $26.10 acts as an additional upside filter past the 10-DMA, a break of which will allow the bulls to challenge the monthly peak of $26.95.
Meanwhile, a downside break of the aforementioned support line, near $24.80, will defy the latest bullish moving average crossover and can direct the quote towards the month low around $24.30.
Following that, the 50-DMA and the 200-DMA, near $24.10 and $24.00 in that order, will challenge the silver bears.
Silver: Daily chart
Disclaimer:
The views in this article only represent the author's personal views, and do not constitute investment advice on this platform. This platform does not guarantee the accuracy, completeness and timeliness of the information in the article, and will not be liable for any loss caused by the use of or reliance on the information in the article.
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