Silver Price Analysis: Rising wedge favours XAG/USD bears, break below 200-HMA awaited

Silver has been oscillating between two converging trend-lines, forming a bearish wedge.
The pattern support coincides with 200-hour SMA and should act as a key pivotal point.

Haresh Menghani FXStreet

Silver edged lower on the last trading day of the week and was last seen hovering near daily lows, around the $26.00 mark. That said, the commodity, so far, has managed to hold its neck above 200-hour SMA support, though the near-term bias seems tilted in favour of bearish traders.

The recent price moves have been confined between two upward sloping converging trend-lines. This constitutes the formation of a bearish rising wedge chart pattern and supports prospects for further weakness. The pattern support, currently around the $26.00-$25.90 region coincides with 200-hour SMA and should act as a pivotal point. A convincing break below will mark a fresh bearish breakdown and prompt some aggressive selling.

The XAG/USD might then accelerate the slide further towards intermediate support near the $25.40-35 zone en-route the key $25.00 psychological mark. This is followed by monthly swing lows, around the $24.85 region. Some follow-through selling should pave the way for an extension of the recent sharp pullback from the $30.00 level and drag the XAG/USD towards the very important 200-day SMA, currently near the $24.00 round-figure mark.

On the flip side, any meaningful positive move might still be seen as a selling opportunity and confront stiff resistance near the $26.50-60 region. The mentioned barrier coincides with the top end of the wedge pattern, which if cleared decisively will negate the bearish bias. The subsequent short-covering move has the potential to lift the XAG/USD back beyond the $27.00 mark, towards the next relevant hurdle near the $27.30 supply zone.

XAG/USD 1-hourly chart

Technical levels to watch

XAG/USD

Overview
Today last price	26.08
Today Daily Change	0.00
Today Daily Change %	0.00
Today daily open	26.08

Trends
Daily SMA20	26.43
Daily SMA50	26.34
Daily SMA100	25.59
Daily SMA200	24.52

Levels
Previous Daily High	26.64
Previous Daily Low	25.83
Previous Weekly High	26.46
Previous Weekly Low	24.95
Previous Monthly High	30.07
Previous Monthly Low	25.9
Daily Fibonacci 38.2%	26.14
Daily Fibonacci 61.8%	26.33
Daily Pivot Point S1	25.72
Daily Pivot Point S2	25.38
Daily Pivot Point S3	24.92
Daily Pivot Point R1	26.53
Daily Pivot Point R2	26.99
Daily Pivot Point R3	27.34

Author

Haresh Menghani

FXStreet

Haresh Menghani is a detail-oriented professional with 10+ years of extensive experience in analysing the global financial markets.

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