Silver Price Analysis: XAG/USD fades bounce off 200-HMA below $26.00
- Silver price remains pressured after retreating from 13-month high.
- Looming bull cross on MACD, rebound from 200-HMA lures XAG/USD buyers.
- Silver price is likely to grind between $26.10 resistance confluence and 200-HMA support.
Silver price (XAG/USD) remains mildly offered near $25.65 as it licks the previous day’s wounds amid Monday’s sluggish Asian session.
That said, the bright metal dropped the most in three weeks the previous day after reversing from the from fresh highest levels since April 2022.
The pullback move broke one-week-old ascending trend line and favored XAG/USD bears. However, the 200-Hour Moving Average (HMA), around $25.20 by the press time, triggered the commodity’s following rebound.
It’s worth noting, however, that the MACD signals run out of bearish bias and hence the Silver price recovery from the 200-HMA appears to aim for the $26.00.
Though, a convergence of the previous support line from May 02 and a three-week-old horizontal area, near $26.10 at the latest, appears a tough nut to crack for the XAG/USD bulls afterward.
Following that, the highs marked in April and March 2022, respectively near $26.22 and $26.95, can’t be ruled out.
On the contrary, a downside break of the 200-HMA level of $25.20 can revisit the $25.00 round figure ahead of testing multiple supports around $24.60-50 area.
Overall, Silver price remains on the bull’s radar despite the latest retreat in the commodity’s quote.
Silver price: 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.
