- 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
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended content
Editors’ Picks

AUD/USD stays weak below 0.6500 after Australian labor data
AUD/USD keeps losses below 0.6500 in the Asian session on Thursday, showing little to no reaction to the Australian jobs data for May. Trade uncertainties, escalating geopolitical tensions and the Fed's hawkish pause weigh on investors' sentiment, undermining the risk-sensitive Aussie.

USD/JPY recovers above 145.00 as US Dollar's haven demand strengthens
USD/JPY is recovering ground above 145.00 in Thursday's Asian trading. The haven demand for the US Dollar gathers strength on likely US attacks on Iran coming this weekend. Hawkish hold by the Fed on Wednesday also supports the Greenback while the Japanese Yen struggles to retain control, despite risk aversion.

Gold price bounces off weekly low; bulls seem reluctant amid hawkish Fed
Gold price attracts some dip-buyers during the Asian session and reverses part of the previous day's slide to the weekly low amid a revival of safe-haven demand, bolstered by trade uncertainties and rising geopolitical tensions. Moreover, a subdued USD price action acts as a tailwind for the bullion.

Bitcoin, Ethereum, XRP hold steady as Federal Reserve leave rates unchanged
Bitcoin and altcoins, including Ethereum, XRP, and Solana, saw slight movements on Wednesday as the crypto market stayed resilient following the Federal Reserve's decision to leave rates unchanged at 4.25%-4.50%.

In the Eurozone, inflation is also a monetary phenomenon
Monetary aggregates continue to be closely monitored by the European Central Bank (ECB), a sign that, despite the passage of time and the increasing complexity of financing circuits, quantitative theory remains relevant.