Silver Price Analysis: XAG/USD stalls the downside, not out of the woods yet
|- Silver clings onto the $24.80 support zone but the downside remains intact.
- A symmetrical triangle breakdown confirmed on the hourly chart.
- RSI has rebounded but remains below the 50.00 level.
Silver (XAG/USD) licks it wounds while trading in a tight range between $25 and $24.80 levels, as the bears catch a breather before the next push lower.
The white metal remains exposed to downside risks after it confirmed a symmetrical triangle breakdown on the hourly sticks in early Asia.
Silver Price Chart: Hourly
Although the spot attempts a bounce in tandem with the Relative Strength Index (RSI), which has also recovered from lower levels. Despite the upturn in the RSI, the momentum indicator still trades below the 50.00 level, suggesting that the downside bias remains in place.
Therefore, a sustained move below the $24.80 support could call for a test of Thursday’s low of $24.41.
On the flip side, if the abovementioned support holds, the recovery could extend towards the bearish 21-hourly moving average (HMA) at $24.97.
Further up, the $25.50 psychological level could be challenged.
Silver Additional levels
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.