Silver Price Analysis: XAG/USD grinds lower around $25.00 inside falling channel
- Silver struggles to keep bounce off three-month low.
- Bearish chart pattern, sustained trading below 200-HMA favor sellers.
- Channel’s support, mid-April lows offer a halt during the fall to yearly bottom.
Silver (XAG/USD) remains pressured for the fourth consecutive day, despite a recent rebound to $24.90, amid early Wednesday.
In doing so, the bright metal prints 0.13% intraday loss while staying inside a two-day-old descending trend channel formation.
Although oversold RSI recently triggered the commodity’s bounce, a bearish chart formation and the metal’s sustained trading below 200-HMA keeps directing silver sellers to the yearly low of $23.77.
During the fall, the stated channel’s support surrounding $24.70 and April 13 bottom of $24.68 could test the bears.
Meanwhile, recovery moves need to cross the channel’s upper line, around $25.00 by the press time, to aim for a 200-HMA level of $25.85.
However, the $26.00 threshold the previous week’s top near $26.45-50, followed by the monthly peak of $26.77, will be tough challenges for XAG/USD bulls.
Silver: Hourly chart
via FXStreet News https://ift.tt/3tYkUTd
July 20, 2021 at 09:48PM