Silver Price Analysis: XAG/USD eyes 200-HMA after bull flag breakout on 1H chart

Silver is set to test the 200-HMA at $24.42 in the near-term.
Bull flag breakout spotted on the hourly chart.
Hourly RSI edges higher towards the overbought territory.

Dhwani Mehta FXStreet

The buying interest in Silver (XAG/USD) remains unabated this Tuesday, courtesy of the resumption of the US dollar decline across the board and a bullish technical set up on the hourly chart.

From the near-term technical perspective, the white metal is on track to confront the bearish 200-hourly Simple Moving Average (HMA) at $24.42, in light of a bull flag breakout in the last hour.

The next in sight for the bulls remain the pattern target at $24.55. The hourly Relative Strength Index (RSI) looks north while trending still below the overbought territory, suggesting that there is still room for more upside.

To the downside, the immediate cushion is seen at $23.60, the confluence of the pattern resistance now support and the upward-sloping 21-HMA.

A break below the latter could trigger a fresh drop towards the falling trendline support at $23.28.

All in all, the path of least resistance looks to the upside.

XAG/USD: Hourly chart

XAG/USD: Additional levels

XAG/USD

Overview
Today last price	23.76
Today Daily Change	0.10
Today Daily Change %	0.42
Today daily open	23.66

Trends
Daily SMA20	26
Daily SMA50	25.96
Daily SMA100	21.87
Daily SMA200	19.16

Levels
Previous Daily High	23.72
Previous Daily Low	22.52
Previous Weekly High	26.96
Previous Weekly Low	21.66
Previous Monthly High	29.86
Previous Monthly Low	23.44
Daily Fibonacci 38.2%	23.26
Daily Fibonacci 61.8%	22.98
Daily Pivot Point S1	22.88
Daily Pivot Point S2	22.1
Daily Pivot Point S3	21.68
Daily Pivot Point R1	24.09
Daily Pivot Point R2	24.51
Daily Pivot Point R3	25.29

Author

Dhwani Mehta

FXStreet

Residing in Mumbai (India), Dhwani is a Senior Analyst and Manager of the Asian session at FXStreet. She has over 10 years of experience in analyzing and covering the global financial markets, with specialization in Forex and commodities markets.

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