Silver Price Analysis: Bull flag teases XAG/USD buyers above $23.00
- Silver price remains mildly bid inside a bullish chart pattern.
- XAG/USD buyers need validation from $23.40, key HMAs restrict immediate downside.
- Impending bulls cross on MACD, firmer RSI add strength to the bullish bias.
Silver price (XAG/USD) renews its intraday high around $23.35 as it prints mild gains to reverse the previous day’s losses during early Tuesday. In doing so, the bright metal remains inside a bull flag chart pattern suggesting the quote’s further upside.
In addition to the bull flag, the looming bullish cross on the MACD and mostly steady RSI (14) also keep the XAG/USD buyers hopeful as they refresh the daily top.
However, a clear upside break of the stated flag’s upper line, near $23.40 by the press time, becomes necessary for the Silver buyers.
Following that, the monthly high near $23.70 and March’s low near $24.00 may act as intermediate halts during the theoretical target surrounding $25.10.
In a case where the XAG/USD remains firmer past $25.10, April’s high and the yearly top, around $26.00 and $26.95 in that order, will gain the market’s attention.
Alternatively, the Silver bears need to conquer the stated flag’s support line, close to $23.00 at the latest, for entries.
Even so, the 100-Hour Moving Average (HMA) and the 200-HMA, respectively near $22.95 and $22.75, could challenge the XAG/USD sellers before giving them control.
Overall, silver is likely to witness further upside but the $23.40 is the key to watch.
Silver price: Hourly chart
Trend: Further upside expected