Silver Price Analysis: XAG/USD buyers take a breather before challenging $26.00

Silver price to remain range-bound around $25.00-$25.50 as oscillators neutralize.
XAG/USD Price Analysis: Upward biased above $25.00, and it can test $27.00; otherwise, it could dive towards $23.50.

Christian Borjon Valencia FXStreet

Silver price stays firm at around $25.20, consolidating for the third day in a row, as the Relative Strength Index (RSI) gets out of the overbought territory. Therefore, the XAG/USD lost traction on its way toward $26.00 a troy ounce, but the uptrend stays in play. The XAG/USD is trading at $26.26, a gain of 0.11%.

XAG/USD Price Action

The XAG/USD is trading sideways after recovering from Wednesday’s dip toward $24.65. Even though it looks like a hammer, price action on Thursday was sideways as a classic doji emerged. As the RSI exited overbought conditions, its slope is aiming lower, meaning that sellers are gathering momentum. Meanwhile, the Rate of Change (RoC) portrays bulls jumping off the boat as buying pressure fades.

If XAG/USD remains above $25.00, in the near term, it will test the YTD high at $26.08. A breach of the latter will expose the $26.50 before the XAG/USD tests the last year’s high at $26.94, ahead of reaching $27.00.

On the other hand, the XAG/USD first support would be $25.00. Once broken, the following demand zone would be the April 19 low at $24.65, followed by the $24.00 psychological price level. A dip beyond this area will tumble Silver toward the 50-day EMA at $23.58.

XAG/USD Daily Chart

XAG/USD

Overview
Today last price	25.28
Today Daily Change	-0.01
Today Daily Change %	-0.04
Today daily open	25.29

Trends
Daily SMA20	24.41
Daily SMA50	22.63
Daily SMA100	23.05
Daily SMA200	21.35

Levels
Previous Daily High	25.37
Previous Daily Low	24.64
Previous Weekly High	26.09
Previous Weekly Low	24.72
Previous Monthly High	24.16
Previous Monthly Low	19.9
Daily Fibonacci 38.2%	25.09
Daily Fibonacci 61.8%	24.92
Daily Pivot Point S1	24.83
Daily Pivot Point S2	24.38
Daily Pivot Point S3	24.11
Daily Pivot Point R1	25.56
Daily Pivot Point R2	25.83
Daily Pivot Point R3	26.29

Author

Christian Borjon Valencia

FXStreet

Markets analyst, news editor, and trading instructor with over 14 years of experience across FX, commodities, US equity indices, and global macro markets.

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