Silver Price Analysis: XAG/USD sellers aim for $26.00 between 100 and 200-DMA
|- Silver extends pullback from 100-DMA, refreshes intraday low.
- Bears can aim for 200-DMA, steady RSI suggests further grinding.
Silver (XAG/USD) takes offers around $26.20, down 0.20% intraday, to refresh the day’s low during Thursday’s Asian session.
The white metal refreshed the weekly top to pierce 100-DMA the previous day but couldn’t cross the key moving average on the daily closing basis.
The pullback moves take clues from the sidelined RSI indicator to stay between the 100-DMA and 200-DMA.
Hence, the latest declines have a further downside gap before hitting the range support, namely the 200-DMA level of $25.85. Also likely to challenge the silver bears is June’s low near $25.50.
Meanwhile, a daily closing beyond the 100-DMA level of $26.40 needs to refresh the monthly top, currently around $26.80, before giving controls to the buyers.
Following that, the early June’s low near $27.00 can act as an additional filter to the north.
Overall, silver prices remain subdued inside the key DMA envelope.
Silver: Daily chart
Trend: Sideways
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