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- Silver moves higher after crossing the short-term resistance line, now support.
- Bullish MACD, trendline breakout favor buyers but 100, 200 SMA confluence provides a strong hurdle to the north.
- The three week old horizontal area contributes to the downward filters.
Silver (XAG / USD) remains aligned around the $ 24.00 threshold during Thursday’s first Asian session, around $ 23.85.
The bright metal recently broke an eight-day falling trendline supported by a bullish MACD and sustained rebound on the upside from August 20th to September 3rd.
However, a convergence of 100 and 200 SMA appears to be challenging the bulls around $ 24.00.
Therefore, despite the trendline breakout and the bullish MACD, XAG / USD buyers need a clear upside break of $ 24.00.
Thereafter, 23.6% Fibonacci retracement (Fibo) should return to the charts near $ 24.40 and the monthly high of $ 24.86 before the silver bulls are directed to August highs near $ 26.00.
Meanwhile, the failure to break the $ 24.00 hurdle will cause traders to wait for a downside break in the resistance turnaround at $ 23.75.
Should silver sellers hold the reins above $ 23.75, it is important to keep an eye on the stated Fibo of 61.8% and a horizontal range on August 27 near $ 23.60 and $ 23.35, respectively .
Overall, the 100 SMA crossover, bullish MACD, and trend line breakout favor XAG / USD buyers.
Silver: four-hour chart
Trend: further upward trend expected
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