Silver Price Analysis: XAG/USD pick-up bids above $27.00 inside short-term triangle
|- Silver extends the previous day’s recovery moves to refresh intraday high to $27.54.
- A nine-day-old triangle formation restricts immediate moves.
- 100-bar SMA adds to the downside support, multiple resistances to challenge the run-up below $30.00.
Silver prices recently refreshed intraday high before easing to $27.45 during the early Asian session on Friday. Even so, the white metal remains inside a short-term symmetrical triangle formation while funneling down the exit points.
With the MACD histogram teasing the bulls and 100-bar SMA adds to the supports, the bullion prices are likely to gain.
Though, a clear break of $28.10 will be necessary for the buyers to attack August 10 top of $29.40 and the monthly peak close to $29.85 before aiming the $30.00 threshold.
On the contrary, a downside break of the aforementioned triangle’s support, at $27.00, may bounce off a 100-bar SMA level of $26.48, if not then July 28 high near $26.20 can challenge the sellers.
In a case where the metal prices keep trading southward past-$26.20, 61.8% Fibonacci retracement of July 28 to August 06 upside, at $25.20 will be in the spotlight.
Silver four-hour chart
Trend: Bullish
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