- Silver prices are declining after an upbeat start to the week.
- Gold cross, firmer RSI favors bulls, 10-DMA guards immediately upside.
- The ascending support line from early February is acting as a key support.
Silver (XAG/USD) prices are struggling to extend gains from the previous day despite a bullish moving average crossover of around $25.20-30 during Tuesday’s Asian session.
The bright metal justifies the 50-DMA’s rise through the 200-DMA known as the golden cross on Monday, but the bulls seem to need confirmation from the 10-DMA’s $25.35 level. The bearish MACD signals are also challenging the upside momentum.
Still, a firmer RSI and the commodity’s ability to stay above an upsloping trendline from Feb 3rd at $24.80 at the latest is leaving XAG/USD bulls hopeful.
However, the March 10 high around $26.10 acts as an additional upside filter behind the 10-DMA, the break of which will allow the bulls to challenge the monthly high of $26.95.
Meanwhile, a downside break of the aforementioned support line near $24.80 will defy the recent bullish moving average crossover and can take the price towards the monthly lows around $24.30.
After that, the 50-DMA and the 200-DMA, near $24.10 and $24.00 in that order, will challenge the silver bears.
Silver: daily chart
Trend: Further uptrend expected
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