After three consecutive weeks of upside, silver had a sober start to the current week as it marked the first negative daily closing in four. However, the latest anti-risk headlines, mainly concerning odds over the Russian invasion of Ukraine, help XAG/USD to refresh its monthly high. Also, the bright metal remains above a 13-day-old support line amid firmer RSI and MACD signals. As a result, bulls can keep the 200-DMA level of $24.30 on the radar once the quote pierces the $24.00 threshold. It should be noted, however, that the metal’s upside past-200-DMA may become difficult due to the RSI’s nearness to the overbought territory, if not then the previous monthly peak surrounding $24.70 should return to the charts ahead of directing buyers to $25.35 key hurdle.
Meanwhile, pullback moves remain elusive until breaking the stated support line, around $23.65 at the latest. Following that, a downward trajectory towards the 100-DMA level near $23.30 and then to the $23.00 threshold can’t be ruled out. It’s worth noting that a 78.6% Fibonacci retracement (Fibo.) of September-November 2021 upside, near $22.20, should lure silver bears once they break $23.00.
Overall, silver remains in the recovery mode with an intermediate pullback testing short-term technical support.
