The white metal is testing solid resistance in the confluence of the 200, 50, and 100-day Exponential Moving Averages (EMAs), each at $21.79, $21.85, and $21.87, respectively. In addition, the Relative Strength Index (RSI) broke above the 50 neutral lines, portraying buying pressure strength. The Rate of Change (RoC) suggests buyers moved aggressively, which could open the door for a mean reversion move. Therefore, traders should be careful.
With XAG/USD breaking above the 200-day EMA would pave the way toward $22.00 a troy ounce. Once done, the XAG/USD next resistance would be $23.00 before testing the February 23 high at $23.59.
In an alternate scenario, the XAG/USD first support would be the 20-day EMA at $21.16. A breach of the latter will expose the $21.00 figure, followed by the March 13 low of $20.50, before falling to YTD lows at $19.92.
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