Silver Price Analysis: XAG/USD fails to extend 10-DMA breakout towards $26.00
|- Silver retreats from intraday high during three-day uptrend.
- Bearish MACD signals, failure to cross 23.6% Fibonacci retracement tease sellers.
- The previous support line from February adds to the upside filters, 50-DMA appears strong support.
Silver (XAG/USD) remains pressured around $25.50 heading into Friday’s European session. Even so, the bright metal remains positive on a day for the third consecutive time at the latest.
The quote rose to the fresh high nearly two weeks the previous day. However, failures to cross the 23.6% Fibonacci retracement (Fibo.) of February-March upside, near $25.80, joined bearish MACD signals to challenge XAG/USD upside afterward.
That said, the quote’s latest weakness eyes to retest the 10-DMA level of $25.16 before directing bears toward the 50% Fibo. level and the 50-DMA, respectively around $24.50 and $24.20.
On the contrary, fresh recovery may aim for a clear break of the 23.6% Fibo. level surrounding $25.80 before targeting the $26.00 threshold.
Even so, the support-turned-resistance line from early February, near $26.25 at the latest, becomes a tough nut to crack for the XAG/USD bulls.
In a case where the commodity prices rally beyond $26.25, the odds of witnessing an upside to the monthly high near $26.95 can’t be ruled out.
Silver: Daily 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.