Silver Price Analysis: XAG/USD bulls need $26.60-65 breakout to retake controls
- Silver keeps Monday’s rebound from 200-day SMA, picks up bids of late.
- 100-day SMA, multiple highs since March probe buyers.
- RSI conditions, sustained trading above the key SMA favor bulls.
Silver buyers attack the $26.00 threshold, up 0.13% intraday, ahead of Tuesday’s European session. In doing so, the quote keeps the previous day’s bounce off 200-day SMA amid RSI recovery from oversold conditions.
Silver bulls eyeing further consolidation from important SMA, amid favorable RSI conditions, require a clear upside break of the $26.60-65 horizontal hurdle, comprising 100-day SMA and multiple tops marked since March 18 to regain the throne.
Following that, the early-month low near the $27.00, the $28.00 and another horizontal hurdle around $28.30 will be in the spotlight.
Meanwhile, pullback moves remain less worrisome until staying beyond the 200-day SMA level of $25.70. Also defending the silver buyers is an ascending support line from November 30, 2020, around $25.00.
In a case where the precious metal fails to stay above the $25.00 round–figure, the yearly bottom surrounding $23.75 should lure the silver bears.
Silver daily chart
Trend: Further recovery 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.
