Silver Price Analysis: XAG/USD bulls snap two-day losing streak to attack $27.00
|- Silver keeps the pullback moves from $26.50 while battling 10-day EMA.
- Monthly triangle restricts short-term moves amid normal RSI conditions.
Silver prices rise to $26.91, intraday high of $26.96, during the Asian session on Monday. The white metal dropped from $26.84 to $26.50 at the start of the day’s trading. However, the following recovery attacks 10-day EMA resistance.
Other than the 10-day EMA level of $26.97, a falling trend line from September 01, at $27.13 now, also probes the bulls targeting the mid-September top surrounding $27.65.
In a case where silver buyers manage to cross $27.65 on a daily closing basis, the monthly high of $28.90 will be in the spotlight.
Alternatively, a downside break of the short-term triangle’s support, near $26.40, will quickly recall the $26.00 threshold on the chart before targeting the monthly low close to $25.85.
Considering the symmetrical triangle formation and the normal RSI conditions, the white metal traders are likely to remain standby unless silver prices offer any notable breakout.
Silver daily chart
Trend: Sideways
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