Silver Price Analysis: XAG/USD stays inside key DMA envelope surrounding $26.00
|- Silver remains sidelined between 100-DMA and 200-DMA in last two weeks.
- Downbeat Momentum, RSI signal increased volatility, nearby support confluence keep buyers hopeful.
Silver (XAG/USD) portrays a sideways grind around $26.00, down 0.13% intraday, during Friday’s Asian session. In doing so, the bright metal keeps its two-week-old moves between 100-DMA and 200-DMA amid weak oscillators.
Given the strength of the immediate support around $25.70-65, comprising 200-DMA and 61.8% Fibonacci retracement of March-May upside, silver prices are likely to have an easy path going north than the otherwise.
The same could become easier on the upside break of the 100-DMA level of $26.51. It’s worth noting that 50% Fibonacci retracement near $26.30 guards the metal’s immediate advances.
That said, the quote’s run-up beyond $26.51 will initially aim for the $27.00 threshold before confronting multiple resistances near $27.50 and early May tops near $27.90 that hold the key to the commodity’s rally towards the yearly high of $28.75.
Alternatively, a daily closing below $25.65 may take a breather around $25.30 and the $25.00 before challenging the mid-April lows close to $24.65.
Though, a daily close below $24.65 will make silver vulnerable to refresh the year’s bottom close to $23.75.
Silver: Daily chart
Trend: Sideways
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