Silver Price Analysis: XAG/USD remains inside a choppy range below $28.00
|- Silver struggles for a clear direction inside a short-term symmetrical triangle.
- Key HMAs, sluggish MACD add filters to the commodity’s moves.
Silver seesaws around $27.70-75 during Friday’s Asian session. The white metal jumped to $28.00 the previous day before closing Thursday with minimal gains inside a one-week-old symmetrical triangle.
Not only the triangle formation but 100 and 200-HMAs also challenge the bullion’s immediate moves amid sluggish MACD.
Hence, silver traders should look for opportunities once the quote breaks the $27.50–$28.00 range.
Given the recent run-up in precious metal prices, mainly led by the US dollar weakness, odds of the metal’s upside break of $28.00 are higher, which in turn could quickly recall the $28.30 resistance on the chart.
However, any further upside past $28.30 needs to cross the monthly high of $28.75 before targeting the $29.00 and the yearly peak surrounding $30.00.
On the flip side, a sustained trading below $27.50 could take a rest near $27.10 before battling the $26.60-75 support zone comprising March-April highs and the previous week’s low.
Silver hourly chart
Trend: Sideways
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.