Silver price renews intraday high to reverse the previous day’s slump to five-week low.
200-SMA, bearish chart formation keeps XAG/USD bears hopeful.
Monthly high acts as the last defense of Silver bears.
Silver price (XAG/USD) picks up bids to refresh intraday high near $23.55 as it bounces off the five-week low marked the previous day. In doing so, the bright metal recovers from the support line of a one-week-long descending trend channel.
As the XAG/USD recovery takes clues from the RSI (14) rebound from the overbought territory, the latest run-up is likely to poke the immediate hurdle, namely the 200-SMA level surrounding $23.65.
However, the quote’s further upside will need validation from the top line of the stated channel, close to $24.10 at the latest.
Even so, the monthly high near $24.55, also the highest level since late April 2022, could challenge the Silver buyers, a break of which won’t hesitate to direct the commodity price towards the April 2022 high near $26.25.
On the contrary, the 61.8% Fibonacci retracement level of the XAG/USD’s upside from December 16 to January 03, around $23.30, restricts immediate declines of the metal.
Following that, the aforementioned bearish chart formation’s support line, near $23.00 by the press time, will be crucial to watch for a corrective bounce.
In a case where the Silver price fails to rebound from $23.00, a slump toward the mid-2022 peak surrounding $22.50 can’t be ruled out.
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