Silver (XAG/USD) is attempting a minor bounce in European trading, having found solid support near the midpoint of the $25 level.
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However, the XAG bulls appear to lack follow-through, as it faces stiff resistance at the horizontal 21-hourly moving average (HMA), now at $25.68
Silver Price Chart: Hourly
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Acceptance above the latter is needed for the bulls to revive the recovery momentum towards the $25.85 level, where the price faced rejection in the US last session. At that level, the bearish 50-HMA also coincides.
The white metal could look to recapture the powerful resistance at $26, the confluence of the 200 and 100-HMAs, if the abovementioned hurdle is cleared on a sustained basis.
The Relative Strength Index (RSI) points south below the midline, suggesting that any pullback attempts are likely to remain shallow.
To the downside, a sustained move below the $25.50 support area would threaten the $25 threshold.
The March 5 low of $24.83 could be tested if the selling pressure intensifies.
Silver Additional levels
XAG/USD
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