- 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