Silver Price Analysis: XAG/USD fades upside momentum beyond $27.00
|- Silver struggles to extend the upside beak of monthly falling trend line, eases from $27.30.
- Strong RSI, sustained break of the key resistance, now support, favor the bulls.
- 200-hour EMA joins the trend line to strengthen the support.
Silver prices seesaw near $27.15, up 0.18% on a day, during the early Asian session on Tuesday. Even so, the white metal fails to please the bulls beyond a falling trend line from September 01.
Considering the upbeat RSI conditions, the commodity is likely to remain directed towards the September 10 peak surrounding $27.50 and 61.8% Fibonacci retracement of its early-month drop, around $27.75.
Should the bulls manage to keep the reins past-$27.75, the September 02 high near $28.30 can offer an intermediate halt during the run-up to question the monthly peak surrounding $28.90.
Meanwhile, 200-hour EMA joins the previous resistance line to strengthen $27.00 support. Also challenging the bears is the 23.6% of Fibonacci retracement level around $26.60/55.
In a case where the bullion remains weak past-$26.55, the monthly bottom surrounding $25.85 will return to the chart
Silver hourly 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.