Silver Price Analysis: XAG/USD’s Rebound Stalls At 21-HMA, $25 Support At Risk

Silver (XAG/USD) is attempting a minor bounce in European trading, having found solid support near the midpoint of the $25 level.

Bullion, Silver, Bars, Silver Bars, Metal, Old, Gray

Image Source: Pixabay

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

(Click on image to enlarge)

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



Disclaimer: Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only ...

How did you like this article? Let us know so we can better customize your reading experience.


Leave a comment to automatically be entered into our contest to win a free Echo Show.