Silver Price Analysis: Breaking Monthly Resistance, Refreshing Two-Week Highs, and Surpassing $23.00
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The silver price achieved its largest increase since mid-July, following its approach to the highest level in two weeks.
Silver price broke a month-long downtrend line and provided a favorable breakthrough for the bulls by surpassing the 100-day moving average. However, the 200-day moving average and the previous support line since June will pose a challenge for the bulls.
During Tuesday's early Asian session, the silver price reached $23.30 but remained near the highest level in two weeks.
The rise in silver price surpassed the month-long downtrend line, and the breakthrough of the 100-day moving average along with the bullish signal from the MACD indicator attracted the bulls.
As a result, the silver price may potentially break the 200-day moving average level of around $23.75. However, the resistance line formed after the support reversal since late June (near $23.90 at the time of writing) will be the target for the bulls.
Subsequently, the $24.00 level could serve as further resistance for silver bulls, followed by a test of the swing high near $24.85 from late July.
On the other hand, the $23.00 whole number and the short-term support level of the 100-day moving average (around $23.15) will act as support for the silver price.
Similarly, the recent significant resistance since late July is now around $22.75 and presents a challenge for the bears.
If the silver price falls below $22.75 and continues bearish, it could potentially decline to the June low of $22.11 and the $22.00 level.
Overall, following a significant rise the previous day, silver bulls have regained dominance.
Silver Price: 4-hour chart
Trend: Expected to continue rising
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