Silver Price Analysis: XAG/USD justifies Tuesday’s bullish Doji above $22.00
- Silver price snaps two-day downtrend after printing bullish candlestick the previous day.
- Rebound from 10-day EMA, bullish MACD signals also keep the XAG/USD buyers hopeful.
- Monthly bullish channel keeps also favors silver bulls, $21.60 holds the key to bear’s entry.
Silver price (XAG/USD) picks up bids to $22.25 as it justifies the previous day’s bullish candlestick formation during early Wednesday. In doing so, the bright metal also bounces off the 10-day Exponential Moving Average (EMA).
It’s worth noting that the bullish MACD signals and a one-month-old ascending trend channel also keep the XAG/USD buyers hopeful.
That said, the $23.00 round figure and the latest peak surrounding $23.50 lure the Silver buyers of late.
Following that, the upper line of the aforementioned bullish channel, close to $23.70 by the press time, could challenge the XAG/USD upside.
In a case where the commodity prices rally beyond $23.70, March month’s low near $24.00 could act as the last defense of the silver bears.
On the flip side, the 10-day EMA restricts the immediate downside of the Silver around the $22.00 round figure.
However, a convergence of the 21-day EMA and the stated bullish channel’s lower line, around $21.60, appears a tough nut to crack for the Silver bears.
Should the metal price break the $21.60 support confluence, October’s high near $21.25 might act as the validation point for the metal’s further downside.
Silver price: Daily chart
Trend: Recovery expected