Silver Price Analysis: XAG/USD bears gearing up for a run towards $25

Silver teases a rectangle breakdown on the hourly sticks.
Retail-buying frenzy cools off, CME 18% margin weighs.
XAG bears eye $25 amid bearish RSI.

Dhwani Mehta FXStreet

Silver (XAG/USD) is seeing the ‘sell the bounce’ strategy in play so far this Thursday, as the bulls continue to face rejection on every attempt to regain the $27 mark.

The bears yearn for acceptance below the critical horizontal trendline support at $26.30, which would then confirm a rectangle break down on the hourly chart.

Silver Price Chart: Hourly

The downside break could open floors for a test of the measured target near $25.30, below which the $25 level could come into play.

The Relative Strength Index (RSI) points south below the midline, currently trading at 38.85, indicating that there is more room to the downside.

Alternatively, recapturing the 200-hourly moving average (HMA) at $26.51 would prompt the XAG bulls to take on the 21-HMA barrier at $26.74.

The next crucial hurdle awaits at $26.86, where the bearish 100-HMA lies.

Silver Additional levels

XAG/USD

Overview
Today last price	26.38
Today Daily Change	-0.42
Today Daily Change %	-1.57
Today daily open	26.82

Trends
Daily SMA20	25.87
Daily SMA50	25.43
Daily SMA100	24.83
Daily SMA200	22.98

Levels
Previous Daily High	27.19
Previous Daily Low	26.4
Previous Weekly High	27.66
Previous Weekly Low	24.7
Previous Monthly High	27.92
Previous Monthly Low	24.19
Daily Fibonacci 38.2%	26.89
Daily Fibonacci 61.8%	26.7
Daily Pivot Point S1	26.42
Daily Pivot Point S2	26.01
Daily Pivot Point S3	25.63
Daily Pivot Point R1	27.21
Daily Pivot Point R2	27.6
Daily Pivot Point R3	28

Author

Dhwani Mehta

FXStreet

Residing in Mumbai (India), Dhwani is a Senior Analyst and Manager of the Asian session at FXStreet. She has over 10 years of experience in analyzing and covering the global financial markets, with specialization in Forex and commodities markets.

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