Silver Price Analysis: XAG/USD bulls attack key resistances below $24.00

• Silver prints mild gains while confronting 100-hour EMA, falling trend line from Tuesday.
• Wednesday’s low can offer immediate support ahead of the monthly bottom.
• 200-hour EMA holds the key to further upside.

Silver prints 0.22% gains while piercing 100-hour EMA and a two-day-old falling trend line, currently near $23.83, during Thursday’s Asian session.

Even if the white metal manages to keep the previous day’s positive performance, buyers will look for a sustained upside break above the near-term key resistances to regain controls.

As a result, not only a successful trading beyond $23.80 but a clear break of the 200-hour EMA level of $23.92 also becomes necessary.

Following that, the monthly high of $24.50 and the early September low near $25.85 will be in the spotlight.

Meanwhile, a downside break of the previous day’s low near $23.35 might not refrain from challenging the current month’s trough close to $22.85.

Silver hourly chart

Trend: Pullback expected