Silver Price Analysis: 21-DMA remains a tough nut to crack for the XAG/USD bulls

Silver’s daily closing above 200-DMA on Tuesday keeps the buyers hopeful.
Although the 21-DMA offers immediate resistance to XAG/USD.
RSI stays bearish, suggesting limited upside attempts.

Dhwani Mehta FXStreet

Silver (XAG/USD) is struggling to extend Tuesday’s rebound above the critical 200-daily moving average (DMA), now at $25.00.

Despite the spot gave a daily closing above that level, the bulls are facing an uphill task so far this Wednesday, as the 14-day Relative Strength Index (RSI) continues to trade within the bearish territory, indicative of shallow recovery attempts.

A sustained break below the 200-DMA resistance now support could trigger a fresh sell-off towards the April 5 low of $24.61.

The sellers could then target the three-month lows of $23.78 if the $24 threshold fails to defend the bullish sentiment.

Silver Price Chart: Daily

Alternatively, acceptance above the horizontal 21-DMA at $25.43 could expose the next barrier at 100-DMA, which stands at $25.66.

Further up, the XAG bulls would need to tackle the $26 psychological mark for a sustained move northwards.

Silver Additional levels

XAG/USD

Overview
Today last price	25.15
Today Daily Change	-0.01
Today Daily Change %	-0.04
Today daily open	25.16

Trends
Daily SMA20	25.45
Daily SMA50	26.27
Daily SMA100	25.66
Daily SMA200	24.97

Levels
Previous Daily High	25.3
Previous Daily Low	24.77
Previous Weekly High	25.11
Previous Weekly Low	23.78
Previous Monthly High	27.08
Previous Monthly Low	23.78
Daily Fibonacci 38.2%	25.1
Daily Fibonacci 61.8%	24.97
Daily Pivot Point S1	24.86
Daily Pivot Point S2	24.55
Daily Pivot Point S3	24.33
Daily Pivot Point R1	25.38
Daily Pivot Point R2	25.61
Daily Pivot Point R3	25.91

Author

Dhwani Mehta

FXStreet

Residing in Mumbai (India), Dhwani is a Senior Analyst and Manager of the Asian session at FXStreet. She has over 10 years of experience in analyzing and covering the global financial markets, with specialization in Forex and commodities markets.

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