Silver Price Analysis: XAG/USD pierces 12-day-old resistance to aim for $23.00

• Silver extends Friday’s rebound, battles 50-SMA while easing from intraday high.
• Bullish MACD conditions, trend line breakout keep buyers hopeful.
• 200-SMA adds to the upside filters, monthly support line challenges bears.

Silver (XAG/USD) stays on the front foot around $22.70, up 0.80% intraday during Monday’s Asian session.

In doing so, the bright metal crosses a downward sloping trend line from January 20 but battles the 50-SMA level to extend Friday’s recovery from a five-week low.

Given the bullish MACD, silver prices are likely to overcome the immediate hurdle surrounding $22.70. However, a clear upside break of the 200-SMA level close to $23.00 will be needed for the XAG/USD bulls to keep reins.

Following that, a horizontal area comprising multiple levels marked since January 18, near $23.60-65, will be crucial to watch.

Alternatively, pullback moves remain elusive beyond the resistance-turned-support line near $22.50.

Even if the silver sellers break the previous resistance line, an upward sloping trend line from early January, near $22.30 and the $22.00 threshold will challenge the metal’s further weakness.

Silver: Four-hour chart

Trend: Further upside expected