Silver Price Analysis: XAG/USD buyers aim for $26.00 inside nearby falling wedge
- Silver trims intraday gains inside a bullish chart pattern.
- Normal RSI conditions, weekly support line favor buyers to aim for 200-HMA.
- Multiple hurdles probe bears below the monthly bottom.
Silver prices wobble around $25.80, up 0.18% intraday, despite the recent pullback during early Wednesday. Although the white metal fades bounce off 10-week low, flashed on Monday, it stays above the weekly support line and inside a bullish chart formation called falling wedge.
As RSI conditions also reject further bearish momentum, silver buyers could seek entries on the upside break of $25.95, the confirmation point for the stated bullish pattern.
Following that, the late Thursday’s swing high around $26.50 and 200-HMA near the $27.00 should return to the charts. However, the early month lows around $27.30 may check the bulls afterward.
Meanwhile, a downside break of the immediate support, close to $25.70, may refresh the multi-day low by targeting the wedge’s lower line figure of $25.50.
In a case where the silver sellers keep reins below $25.50, RSI conditions can challenge the further downside around the $25.00 or near early March lows close to $24.80.
Silver hourly chart
Trend: 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.
