Silver Price Analysis: Defending 21-SMA on 4H chart is critical for XAG/USD bulls
|- Silver hovers within a symmetrical triangle on the 4H chart.
- XAG/USD awaits a range break, with odds for the upside higher.
- Bullish RSI and 21-SMA support keep the XAG buyers hopeful.
Silver (XAG/USD) has reclaimed the green territory after snapping back into losses on Monday.
Sellers continue to lurk above the $26 mark, keeping the support zone around $25.80/60 region exposed.
However, the rising 21-simple moving average (SMA) at $25.87 has every time come to the rescue of the XAG bulls.
Therefore, it's critical for the white metal that the 21-SMA support holds, in order to recapture the $26 threshold.
If the buying pressure intensifies around silver, we could see the $26 level likely to be taken out, as the triangle resistance could come into the picture at $26.15.
A four-hour candlestick closing above the latter is likely to validate a symmetrical triangle breakout, opening doors towards the $26.50 psychological level.
The Relative Strength Index (RSI) trades listless around 58.50 but above the central line. Thus, the odds of a potential upside remain higher.
Silver Price Chart: Four-hour
However, if the price closes the candlestick below the 21-SMA support, a breach of the triangle support remains inevitable.
The ascending 50-SMA support at $25.49 will be up for grabs.
Silver Additional levels
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