Silver Price Analysis: XAG/USD gathers pace for a break above 50-HMA
|- Silver awaits range breakout while capped between 50 and 200-HMAs.
- Hourly RSI remains bullish, backing the upside bias.
- $1865 will offer strong resistance if XAU/USD bounces further.
Silver (XAG/USD) has entered into a phase of consolidation above $25.50, having recovered from Friday’s sharp drop to the $25 mark.
The bulls are looking for a strong catalyst to break through the crucial 50-hourly moving average (HMA) resistance at $25.66.
Meanwhile, 100-HMA at $25.50 offers immediate support to the bright metal. The hourly Relative Strength Index (RSI) trades flat just above the midline, keeping the buyers hopeful in the near-term.
Acceptance above 50-HMA could call for a test of the $26 mark and beyond. While the 21-HMA support at $25.46 will be put at risk should the 100-HMA give way.
The 200-HMA is seen as the next relevant cushion for the XAG bulls.
Silver Price Chart: Hourly
Silver: Additional levels
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