Silver Price Analysis: XAG/USD advances towards $23.00 on crossing monthly hurdle

• Silver picks up bids near one-week high, cross one-month-old falling trend line.
• Bullish MACD favors further upside towards six-week-old horizontal resistance.
• Sellers will await $22.00 breakdown for fresh entries.

Silver (XAG/USD) takes the bids to $22.68, up 0.65% intraday, during early Monday. In doing so, the bright metal extends Friday’s upside break of a monthly resistance line, now support, amid bullish MACD.

That being said, the quote currently heads towards a six-week-long horizontal resistance near the $23.00 threshold.

However, a convergence of the 200-SMA and multiple levels marked since August 27, near $23.35-40, will challenge the silver buyers afterward.

Meanwhile, pullback moves may remain less important until the quote defends fortnight-old horizontal support close to $22.00. Adding to the downside filters is the resistance-turned-support close to $22.45.

In a case where silver remains bearish past $22.00, the yearly low surrounding $21.40 and the $21.00 should return to the charts.

To sum up, XAG/USD keeps the latest corrective pullback but has a bumpy road to recovery.

Silver: Four-hour chart

Trend: Further upside expected