Silver Price Analysis: XAG/USD clings to modest gains above $26

XAG/USD trades in a relatively tight range on Monday.
Near-term technical outlook remains neutral with a slight bullish bias.
Next key resistance for silver aligns at $26.60.

Eren Sengezer FXStreet

The XAG/USD pair climbed to its highest level since early March at $26.64 on Thursday and staged a deep technical correction on Friday. At the start of the new week, silver seems to be having a difficult time making a decisive move in either direction and was last seen gaining 0.5% on a daily basis at $26.14.

Silver technical outlook

On the four-hour chart, the Relative Strength Index (RSI) indicator is moving sideways a little above 50, suggesting that silver remains neutral with a slight bullish bias in the short term.

The initial resistance is located at $26.20, where the Fibonacci 23.6% retracement of the latest uptrend meets the 20-period SMA. If silver manages to close a four-hour candle above that level, it could target $26.40 (Apr. 23 high) ahead of $26.60 (Apr. 21 high).

On the downside, supports are located at $26.00 (psychological level/50-period SMA), $25.90 (Fibonacci 38.2% retracement) and $25.70 (Fibonacci 50% retracement).

Additional levels to watch for

XAG/USD

Overview
Today last price	26.14
Today Daily Change	0.12
Today Daily Change %	0.46
Today daily open	26.02

Trends
Daily SMA20	25.34
Daily SMA50	25.98
Daily SMA100	25.92
Daily SMA200	25.43

Levels
Previous Daily High	26.4
Previous Daily Low	25.85
Previous Weekly High	26.64
Previous Weekly Low	25.64
Previous Monthly High	27.08
Previous Monthly Low	23.78
Daily Fibonacci 38.2%	26.06
Daily Fibonacci 61.8%	26.19
Daily Pivot Point S1	25.78
Daily Pivot Point S2	25.54
Daily Pivot Point S3	25.23
Daily Pivot Point R1	26.33
Daily Pivot Point R2	26.64
Daily Pivot Point R3	26.88

Author

Eren Sengezer

FXStreet

As an economist at heart, Eren Sengezer specializes in the assessment of the short-term and long-term impacts of macroeconomic data, central bank policies and political developments on financial assets.

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