Silver Price Analysis: $25.00 support confluence prods XAG/USD sellers

Silver price remains pressured after easing from the highest level in one year.
Bearish MACD signals, steady RSI suggests further downside of XAG/USD.
Convergence of 50-SMA, one-month-old ascending support line challenges Silver sellers.
XAG/USD buyers can jump back on $25.60 breakout.

Anil Panchal FXStreet

Silver price (XAG/USD) remains depressed around $25.30 amid early Monday, after reversing the one-year high and snapping a three-day uptrend on Friday.

The bright metal’s U-turn from a fortnight-old resistance line broke an upward-sloping support line from April 03, now immediate resistance around $25.60.

Apart from that, the bearish MACD signals and the steady RSI, after reversing from overbought territory, also keep the XAG/USD sellers hopeful.

However, a convergence of the 50-SMA and an upward-sloping trend line from the mid-March, around $25.00, appears a tough nut to crack for the Silver sellers to retake control.

Also acting as short-term key support is an area comprising the 100-SMA and early April tops, surrounding $24.25-15.

Meanwhile, the XAG/USD recovery beyond the immediate resistance line, around $25.60, can challenge the aforementioned ascending trend line from early April, around $26.25 by the press time.

Following that, tops marked during April and March of the last year, respectively near $26.25 and $26.95 could gain the market’s attention.

Overall, the Silver price is likely to witness further downside but the bearish trend is still far from sight.

Silver price: Four-hour chart

Trend: Further downside expected

Additional important levels

Overview
Today last price	25.31
Today Daily Change	-0.06
Today Daily Change %	-0.24%
Today daily open	25.37

Trends
Daily SMA20	24.01
Daily SMA50	22.45
Daily SMA100	22.93
Daily SMA200	21.26

Levels
Previous Daily High	26.09
Previous Daily Low	25.16
Previous Weekly High	26.09
Previous Weekly Low	24.72
Previous Monthly High	24.16
Previous Monthly Low	19.9
Daily Fibonacci 38.2%	25.51
Daily Fibonacci 61.8%	25.73
Daily Pivot Point S1	24.99
Daily Pivot Point S2	24.61
Daily Pivot Point S3	24.06
Daily Pivot Point R1	25.92
Daily Pivot Point R2	26.47
Daily Pivot Point R3	26.85

Author

Anil Panchal

FXStreet

Anil Panchal has nearly 15 years of experience in tracking financial markets. With a keen interest in macroeconomics, Anil aptly tracks global news/updates and stays well-informed about the global financial moves and their implications.

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