Silver Price Analysis: XAG/USD’s bearish bias intact while below 50-HMA
|- Silver bull-bear tug-of-war extends into Europe.
- 100-HMA continues to guard the upside amid bearish RSI.
- Path of least resistance appears to the downside.
Having failed several attempts to reclaim ground above the 50-hourly Simple Moving Average (HMA) so far this Tuesday, Silver (XAG/USD) wavers in a 50 cents tight range around $26.50.
Given that the price is trapped within a falling channel since August 15, the bulls await a break above the robust resistance at $27, the convergence of the falling trendline, 200 and 100-HMAs.
At the moment, however, the downside appears more compelling in the absence of healthy support levels, while the hourly Relative Strength Index (RSI) points south below the midline, currently at 42.92.
More so, the bearish 21 and 50-HMAs around $26.60 continue to guard the upside attempts in the white metal.
Should the bearish momentum pick up pace, the spot will challenge the daily lows at $26.35 below which the $26 mark will be tested.
Acceptance under the latter will open floors for a test of the falling trendline support at $25.52.
XAG/USD: Hourly chart
XAG/USD: Additional levels
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