Silver Price Analysis: Rejected at 4H 200MA, down 1%
|- Silver turned lower from a crucial average hurdle during the overnight trade.
- The metal is trapped in a rising wedge pattern on the 4-hour chart.
Silver is facing losses on Wednesday, having faced rejection at the 4-hour chart 200-average during Tuesday's US trading hours.
At press time, XAG/USD or silver is trading at $14.97 per ounce, representing a 1 percent decline on the day. Meanwhile, the 200-candle average is located at $15.37.
The semi-precious metal is trapped in a rising wedge on the 4-hour chart. A break below the lower end of the wedge at $14.67 would confirm breakdown and indicate a resumption of the sell-off from the March 9 high of $17.61. That would open the doors for a sell-off to $13.82 (Support of April 1 low).
On the higher side, a convincing move above $15.50 is needed to establish a higher high and expose the former support-turned-resistance of $16.40.
4-hour chart
Trend: Bearish after wedge breakdown
Technical levels
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