Silver Price Analysis: XAG/USD retreats above $26.00 inside short-term rising wedge
|- Silver bounces off intraday low, stays offered for third consecutive day.
- Bearish chart formation, MACD signals keep sellers hopeful.
- 100-SMA adds strength to the wedge’s support line.
Silver drops 0.12% intraday despite taking a U-turn from the day’s low of $26.40 during early Thursday. Even so, the white metal prints a three-day downtrend inside a bearish chart pattern.
With the MACD signals also supporting silver sellers, the latest weakness in prices could extend towards confirming the rising wedge bearish formation. However, 100-SMA offers extra strength to the $26.10 key support.
Also, the downside moves past $26.10 will be need validation from the $26.00 before directing the bears toward the sub-$24.00 theoretical target. Additionally, 200-SMA near $25.55 is an extra filter to the south.
Meanwhile, recovery moves need to cross $26.60-65 horizontal resistance before targeting the $27.00 round figure.
However, any further upside beyond $27.00 will be tested by the said wedge’s upper line near $27.10.
Overall, silver bulls are tiring and a bearish chart pattern keeps traders look for fresh clues to increase sell positions.
Silver four-hour chart
Trend: Further weakness 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.