Silver Price Analysis: Short-term rising wedge keeps XAG/USD sellers hopeful
|- Silver prices stay mildly positive above $23.50 after refreshing the highest level since last Wednesday.
- MACD seems to lose the bullish momentum, 200-HMA adds to the upside barriers.
- 100-HMA can offer intermediate support before confirming the bearish chart pattern.
Silver trades near $23.70, up 0.20% intraday during the early Tuesday. In doing so, the white metal trades near a four-day high while probing the resistance line of a bearish chart play, namely rising wedge.
Although the commodity’s sustained trading beyond 100-HMA enables it to stay firm, receding strength of the MACD histogram may pullback the quote back towards the key moving average near $23.00.
It should, however, be noted that the sellers will remain cautious unless silver prices slip beneath $22.85, comprising the support line of the stated wedge. Following that, the metal’s drop to the monthly low of $21.85 can’t be ruled out.
Alternatively, an upside clearance of $23.85 resistance will aim for a 200-HMA level of $24.56. Though, the $24.00 threshold may offer an intermediate halt during the rise.
During the quotes’ further upside past-$24.56, the $25.00 round-figures and September 22 peak surrounding $25.20/25 will gain silver bulls’ attention.
Silver hourly chart
Trend: Pullback expected
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 and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.