Silver Price Analysis: XAG/USD prints three-day losing streak above $24.00
|- Silver prices lack upside momentum following its pullback from $26.20.
- Lower high, overbought RSI keeps the sellers hopeful, $23.30 acts as immediate support.
- Fresh upside past-$26.20 will aim for the early-April, 2013 top.
Silver prices ease to $24.22, down 0.37% on a day, during the initial trading session on Thursday. The white metal has been stepping backward from ever since it surged to the highest since in seven years on Tuesday. Also increasing the odds of the bullion’s further weakness is overbought RSI conditions and a short-term lower high pattern. Though, bullish MACD keeps restricting the bears’ entries.
As a result, sellers are likely to wait for further confirmation and may cheer downside break of $24.00 to aim for $23.30, comprising Wednesday’s low and last Thursday's high. Following that, lows marked on Tuesday and July 23 could challenge further declines around $22.30/25.
In a case where the quote remains weak past-$22.25, an ascending trend line from April 14, at $21.55 now, will be in the spotlight.
Meanwhile, $25 and $26.00 may offer immediate upside barriers during the metal’s fresh rise ahead of the latest multi-year high of $26.20.
If the bulls remain dominant past-$26.20, low of April 04, 2013, around $26.65 will become the buyers’ favorite.
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.