Silver Price Analysis: XAG/USD flirts with monthly hurdle around $25.50
- Silver steps back from intraday high after two-day uptrend.
- Bullish Momentum back recovery from three-month low, 200-SMA become a tough nut to crack for the buyers.
Silver (XAG/USD) prices struggle to extend the two-day advances beyond $25.50 during early Friday. That said, the bright metal eases to $25.28, down 0.18% on a day by the press time.
In doing so, the commodity jostles with the previous support line from June 21 amid strong Momentum, suggesting further recovery from the lowest levels since April, hit earlier in the week.
Though, multiple bottoms marked since June 17, surrounding $25.80 and the $26.00 will challenge the silver buyers, if they manage to stay beyond $25.50, on their target of $26.30, comprising 200-SMA.
In a case where silver remains firmer past $26.30, the monthly high near $26.80 could stop the north-run targeting the mid-June lows close to $27.40.
Alternatively, the precious metal’s weakness past $25.30 could recall the $25.00 round figure to the chart.
However, any further downside will be questioned by the lows marked during mid-April and recently, around $24.70-75.
Silver: Four-hour chart
Trend: Further 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.
