Silver Price Analysis: XAG/USD’s further weakness hinges of $25.30 break
|- Silver sellers attack 10-DMA inside rising wedge bearish chart pattern.
- Impending bear cross on the MACD also keeps sellers hopeful.
- Clear break of the wedge’s support line can direct the quote towards 200-DMA.
Silver (XAG/USD) prices remain on the back foot around $25.60 as bears attack the 10-DMA level during Monday’s mid-Asian session.
In doing so, the bright metal remains inside a two-month-old rising wedge bearish chart pattern.
Not only the 10-DMA level of $25.70 but the impending bear cross between the MACD line and the signal line also keep the XAG/USD sellers hopeful.
However, a daily closing below the stated wedge’s lower line, around $25.30 by the press time, will be necessary to direct silver bears towards the 200-DMA level surrounding $24.00.
Meanwhile, the corrective pullback will be initially challenged by the $26.00 and the latest multi-month high near $26.95.
Following that, an upward sloping trend line from January 20, forming part of the wedge around $27.30, will be in focus.
Silver: Daily 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.