Silver Price Analysis: Short-term rising wedge keeps XAG/USD sellers hopeful
- Silver prices stay mildly positive above $23.50 after refreshing the highest level since last Wednesday.
- MACD seems to lose the bullish momentum, 200-HMA adds to the upside barriers.
- 100-HMA can offer intermediate support before confirming the bearish chart pattern.
Silver trades near $23.70, up 0.20% intraday during the early Tuesday. In doing so, the white metal trades near a four-day high while probing the resistance line of a bearish chart play, namely rising wedge.
Although the commodity’s sustained trading beyond 100-HMA enables it to stay firm, receding strength of the MACD histogram may pullback the quote back towards the key moving average near $23.00.
It should, however, be noted that the sellers will remain cautious unless silver prices slip beneath $22.85, comprising the support line of the stated wedge. Following that, the metal’s drop to the monthly low of $21.85 can’t be ruled out.
Alternatively, an upside clearance of $23.85 resistance will aim for a 200-HMA level of $24.56. Though, the $24.00 threshold may offer an intermediate halt during the rise.
During the quotes’ further upside past-$24.56, the $25.00 round-figures and September 22 peak surrounding $25.20/25 will gain silver bulls’ attention.
Silver hourly chart
Trend: Pullback expected
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.
