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Home Silver Price Silver Price Analysis: XAG/USD rebound needs validation from $24.20 and US inflation

Silver Price Analysis: XAG/USD rebound needs validation from $24.20 and US inflation

by daisy

1.Silver Price picks up bids to reverse week-start losses, bounce off 100-HMA.

2.Convergence of 50-HMA, descending trend line from Friday restricts immediate XAG/USD as US CPI looms.

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3.200-HMA, two-week-old ascending support line adds to the downside filters.

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4.Upbeat oscillators, sustained trading beyond key technical levels keep Silver buyers hopeful.

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Silver Price (XAG/USD) remains on the front foot around $24.10 as it renews its intraday high to reverse the week-start losses amid early Tuesday in Asia.

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In doing so, the bright metal extends the late Monday’s rebound from the 100-Hour Moving Average (HMA). Adding strength to the upside momentum are the bullish signals on the MACD indicator and a near 50 level of the RSI (14) line.

However, the 50-HMA and a falling trend line from Friday join the market’s likely cautious mood ahead of the US Consumer Price Index (CPI) for May to challenge the Silver Price upside past the $24.20 resistance confluence.

That said, a clear upside break of $24.20 won’t hesitate to challenge the monthly high marked on Friday around $24.52 while targeting the $25.00 round figure.

It’s worth noting that the Silver Price upside beyond $25.00 will be critical as it will enable the bulls to once again prod the tops marked in April and May, around $26.10-15.

Meanwhile, the $24.00 round figure restricts immediate declines of the Silver prices ahead of the 100-HMA support of around $23.95.

Even if the XAG/USD bears manage to conquer the $23.95 support, the 200-HMA and an upward-sloping support line from May 26, respectively near $23.80 and $23.65, will limit the downside move before giving control to the sellers.

Silver Price: Hourly chart

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Trend: Further upside expected

ADDITIONAL IMPORTANT LEVELS

OVERVIEW
Today last price 24.09
Today Daily Change -0.20
Today Daily Change % -0.82%
Today daily open 24.29
TRENDS
Daily SMA20 23.58
Daily SMA50 24.49
Daily SMA100 23.35
Daily SMA200 22.26
LEVELS
Previous Daily High 24.53
Previous Daily Low 24.2
Previous Weekly High 24.53
Previous Weekly Low 23.25
Previous Monthly High 26.14
Previous Monthly Low 22.68
Daily Fibonacci 38.2% 24.4
Daily Fibonacci 61.8% 24.32
Daily Pivot Point S1 24.15
Daily Pivot Point S2 24.01
Daily Pivot Point S3 23.82
Daily Pivot Point R1 24.48
Daily Pivot Point R2 24.67
Daily Pivot Point R3 24.81

 

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