- Silver remains positive near one-week high while following an ascending trend line from January 27.
- Bullish MACD, strong RSI joins sustained trading beyond the key SMA to favor the buyers.
- Sellers need to refresh monthly low for entries.
Silver seesaws around $27.60, near the one-week top, flashed the previous day, during the initial Asian session on Tuesday. In doing so, the white metal portrays a three-week-old rising trend line as well as successful trading beyond 200-bar SMA.
Also favoring silver bulls could be upbeat signals from the MACD and RSI.
As a result, the commodity heads toward the highs marked since late February 02, 2021, around $27.85-90. However, the quote’s further upside will be challenged by a resistance line stretched from February 03, at $28.45.
In a case where the bullion remains strong past-$28.45, the monthly peak surrounding $30.00 will be the key. It’s worth mentioning that the $29.00 threshold can act as an extra halt during the rise.
Alternatively, a downside break of the immediate support line, currently around $27.30, should fetch silver prices to the 200-bar SMA level of $26.77.
However, any further weakness needs to break the monthly low of $25.90 before targeting the mid-January lows near $24.20.
Silver four-hour chart
Trend: Further upside expected
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