Silver Price Analysis: XAG/USD bulls need $26.60-65 breakout to retake controls
|- Silver keeps Monday’s rebound from 200-day SMA, picks up bids of late.
- 100-day SMA, multiple highs since March probe buyers.
- RSI conditions, sustained trading above the key SMA favor bulls.
Silver buyers attack the $26.00 threshold, up 0.13% intraday, ahead of Tuesday’s European session. In doing so, the quote keeps the previous day’s bounce off 200-day SMA amid RSI recovery from oversold conditions.
Silver bulls eyeing further consolidation from important SMA, amid favorable RSI conditions, require a clear upside break of the $26.60-65 horizontal hurdle, comprising 100-day SMA and multiple tops marked since March 18 to regain the throne.
Following that, the early-month low near the $27.00, the $28.00 and another horizontal hurdle around $28.30 will be in the spotlight.
Meanwhile, pullback moves remain less worrisome until staying beyond the 200-day SMA level of $25.70. Also defending the silver buyers is an ascending support line from November 30, 2020, around $25.00.
In a case where the precious metal fails to stay above the $25.00 round–figure, the yearly bottom surrounding $23.75 should lure the silver bears.
Silver daily chart
Trend: Further recovery 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.