Silver Price Analysis: XAG/USD eyes run-up beyond $25.00, Bull Flag in the spotlight
- Silver price portrays a bullish chart pattern at the highest level in a year, retreats of late.
- Sustained trading beyond 200-HMA, steady RSI keeps XAG/USD buyers hopeful.
- Sellers stay off the table beyond $24.60, bulls may cross $26.00 on sustained upside beyond $25.00.
Silver price (XAG/USD) prints mild losses near $25.00 as bulls take a breather during a sluggish start of the week, mainly due to the Easter Monday holiday, after four-week uptrend. Even so, the bright metal portrays a “Bull Flag” chart pattern on the hourly play and keeps the buyers hopeful.
Adding strength to the upside bias is the absence of an overbought RSI (14), as well as the metal’s sustained trading past the 200-Hour Moving Average (HMA).
It’s worth noting, however, that the bulls need a successful break of the $25.00 round figure to confirm the bullish chart pattern, which in turn suggests, theoretically, a run-up toward $26.20.
However, April 2022 high near $26.25 and the previous yearly top surrounding $27.00 could challenge the Silver buyers afterward.
On the contrary, the XAG/USD weakness past the stated flag’s lower line, around $24.50 by the press time, defies the bullish chart pattern.
Though, the Silver bears still will have a long road to journey before retaking control as a two-week-old ascending support line and the 200-HMA, respectively near $24.30 and the $24.00 round figure, could challenge the downside moves.
Silver price: Hourly chart
Trend: Further upside 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.
