Silver Price Analysis: XAG/USD bears stay hopeful below $26.00, H&S in the offing

Silver refreshes intraday low to pare weekly gains.
Downbeat MACD conditions, bearish chart pattern favor sellers.
Bulls need successful break of 50-HMA to reject bearish bias.

Anil Panchal FXStreet

Silver (XAG/USD) prices renew daily low around $25.70, down over 1.0% intraday as it braces for the first negative week in six during Friday’s Asian session.

The bearish bias takes clues from MACD amid looming bear-cross, between the MACD line and the signal line. Also favoring the odds of the quote’s further downside is the failure to cross the 50-HMA.

Above all, the XAG/USD prices portray a Head-and-Shoulders (H&S) chart formation on the hourly play, which in turn teases the bears.

That said, a clear downside break of the neckline, around $25.30, will confirm the H&S formation and can direct the quote towards the mid-$23.00s. However, the $25.00 threshold may offer an intermediate halt during the fall.

Meanwhile, recovery moves need to cross the 50-HMA level surrounding $25.95 to recall the XAG/USD bulls, a break of which will could redirect the metal towards the monthly high of $26.95.

In a case where silver prices remain firmer above $26.95, also cross the $27.00 threshold, buyers can aim for June 2021 high near $28.55.

Silver: Hourly chart

Trend: Further weakness expected

Additional important levels

Overview
Today last price	25.7
Today Daily Change	-0.27
Today Daily Change %	-1.04%
Today daily open	25.97

Trends
Daily SMA20	24.66
Daily SMA50	23.71
Daily SMA100	23.57
Daily SMA200	24.08

Levels
Previous Daily High	26.07
Previous Daily Low	25.32
Previous Weekly High	25.74
Previous Weekly Low	24.1
Previous Monthly High	25.62
Previous Monthly Low	22.01
Daily Fibonacci 38.2%	25.78
Daily Fibonacci 61.8%	25.6
Daily Pivot Point S1	25.5
Daily Pivot Point S2	25.04
Daily Pivot Point S3	24.75
Daily Pivot Point R1	26.26
Daily Pivot Point R2	26.54
Daily Pivot Point R3	27.01

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.

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