• Silver price is aiming to recapture the immediate resistance of $24.00 amid a positive market mood.
• The white metal is in a positive trajectory despite receding fears of potential United States banking turmoil.
• Silver price is auctioning in a Rising Wedge chart pattern that indicates a continuation of upside momentum.

Silver price (XAG/USD) is marching towards the round-level resistance of $24.00 with an immense pace in the early Asian session. The white metal has registered a three-day winning streak and is expected to continue its upside momentum amid weakness in the US Dollar Index (DXY).

Silver price is in a positive trajectory despite receding fears of potential United States banking turmoil. Earlier, investors underpinned bullions as a safe-haven to dodge volatility-inspired by the collapse of three mid-size US banks.

The USD index is struggling to gain strength despite rising chances of more rate hikes by the Federal Reserve (Fed). One school of thought believes that Fed chair Jerome Powell could go for hiking rates further as US banking jitters are cooling-off. Also, Fed Powell has anticipated one more rate hike in 2023. And that a rate hike in Fed’s May policy meeting would allow it to keep rates higher for a longer period.

Meanwhile, S&P500 futures have added more gains in the Asian session after a positive settlement on Thursday, indicating sheer improvement in the risk-taking ability of the market participants.

Going forward, Fed’s preferred inflation tool, the US core Personal Consumption Expenditure (PCE) Price Index data will remain in the spotlight. Analysts at Credit Suisse expect “Monthly reading to just round down to 0.3%, leaving YoY core inflation unchanged at 4.7%. Monthly headline inflation should be similar to the core, but the YoY measure should drop to 5.1% owing to an easy base effect.”

Silver technical analysis

Silver price is auctioning in a Rising Wedge chart pattern that indicates a continuation of upside momentum and every pullback is considered as a buying opportunity for the market participants. The white metal is approaching the horizontal resistance plotted from February 02 high at $24.64. The 20-period Exponential Moving Average (EMA) at $23.14 is providing a cushion to the Silver price.

The Relative Strength Index (RSI) (14) is oscillating in the bullish range of 60.00-80.00, which indicates more upside ahead.

Silver four-hour chart