Silver Price Analysis: XAG/USD bulls have the upper hand above 100-day SMA By HareshMenghani Silver Commodities Technical Analysis XAGUSD CPI
.35 region. The uptick, however, lacked bullish conviction as traders now seemed to wait for the release of the US CPI report, due later during the early North American session.
From a technical perspective, the overnight sustained strength above the 100-day SMA could be seen as a fresh trigger for the XAG/USD bulls. Some follow-through buying beyond the $23.40-$23.45 resistance would reaffirm the positive bias and set the stage for an extension of the appreciating move witnessed over the past one week or so.have just started moving into bullish territory. Hence, a subsequent strength towards reclaiming the $24.00 round-figure mark, en-route the YTD high around the $24.
On the flip side, the 100-day SMA resistance breakpoint, around the $23.20-$23.15 region, now seems to protect the immediate downside ahead of the $23.00 mark. A convincing break below would expose the $22.75 support area before the XAG/USD drops to mid-$22.00, which if broken decisively will negate any near-term positive bias.
The XAG/USD would then turn vulnerable and accelerate the slide towards the next relevant support is near the $22.00 mark. Some follow-through selling will shift the bias in favour of bearish traders and pave the way for a slide towards challenging the double-bottom support, around the $21.40 region.
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