Silver Price Analysis: Toppish formation around $25.15 prods XAG/USD bulls
- Silver price remains sidelined after rising the most in a week, prods bearish chart formation on hourly play.
- Sustained trading beyond key HMAs, upbeat RSI favor XAG/USD buyers.
- Fortnight-old ascending support line acts as an extra filter towards the south.
- Silver buyer can aim for April 2022 peak on clear break of $25.15.
Silver price (XAG/USD) seesaws around $25.00 after posting the biggest daily gains in a week the previous day. In doing so, the bright metal braces to reject the “Double top” bearish chart formation on the hourly play.
It’s worth noting that the quote’s sustained trading above the 100 and 200 Hourly Moving Averages (HMAs) join firmer RSI (14), not overbought, to keep the Silver buyers hopeful of breaking the double tops near $25.15 and reject the bearish chart pattern.
Following that, a run-up toward April 2022 high near $26.25 can’t be ruled out. However, the RSI may turn overbought afterward and can prod the Silver buyers before they approach the previous yearly top surrounding $27.00.
Meanwhile, the 100-HMA and a two-week-old ascending trend line, respectively near $24.90 and $24.70, restrict the short-term downside of the XAG/USD price.
Should the quote breaks the $24.70, the previous Thursday’s low of $24.60 and the 200-HMA level of near $24.35 will be crucial as a break of which can direct Silver price toward the sub-$24.00 zone.
Overall, the Silver price is likely to remain firmer but the quote’s further upside hinges on a clear break of $25.15.
Silver price: Hourly chart
Trend: Further upside 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.
