XAG/USD bulls battle two-month-old resistance above $24.00

  • Silver reverses pullback from short-term resistance, sidelined of late.
  • Firmer RSI, sustained trading beyond 200-SMA keeps buyers hopeful.
  • September’s top add to the upside filters, Fibonacci retracement levels eyed for immediate support.

Silver (XAG/USD) keeps the bounce off $24.00 during the initial Asian session on Wednesday, remains indecisive around $24.30 at the latest. In doing so, the bright metal reverses the pullback from a downward sloping trend line from early September while keeping the last week’s rebound from the 200-SMA.

Given the firmer RSI conditions backing the price strength, the commodity is likely to overcome the immediate trend line hurdle surrounding $24.50. However, September’s peak near $24.85 and the $25.00 threshold can challenge the XAG/USD bulls afterward.

Should the quote stay firmer past $25.00, June’s low around $25.50 and August month’s peak near $26.00 will be in focus.

Alternatively, pullback moves remain less important until staying beyond 61.8% Fibonacci retracement (Fibo.) of September month’s downside, around $23.55.

Following that, the 200-SMA level around $23.30, 50% Fibo. close to $23.15 and the $23.00 round figure should lure the silver bears.

Silver: Four-hour chart

Trend: Further upside expected