Silver Price Analysis: XAG/USD gearing up for a rally towards $26?


  • Silver bulls gathering pace before the next push higher.
  • XAG/USD charted a falling wedge breakdown on the 1H chart.
  • 100-HMA offers immediate resistance, with bullish RSI.

Silver (XAG/USD) is probing the downward-sloping 100-hourly moving average (HMA) resistance at $24.45, awaiting a strong catalyst in the US Retail Sales data for a sustained break above the latter.

Acceptance above the latter will trigger a fresh rally towards the falling wedge pattern target aligned above the $26 mark.

The white metal confirmed a bearish wedge breakdown on the hourly chart in the US session last session and ever since has been consolidating the rebound from a drop to $23.60 levels.

On its way to $26 levels, the bulls could face stiff resistance at the October 12 high of $25.56.

The hourly Relative Strength Index (RSI) trades above the midline at 58.70, allowing more gains.

Alternatively, strong support is seen at $24.25, the confluence of the horizontal 200-HMA and bullish 21-HMA.

Below which the pattern resistance now support at $23.89 could be put to test.

XAG/USD: Hourly chart


XAG/USD: Additional levels

XAG/USD

Overview
Today last price 24.36
Today Daily Change 0.08
Today Daily Change % 0.33
Today daily open 24.28
 
Trends
Daily SMA20 24.07
Daily SMA50 25.88
Daily SMA100 22.81
Daily SMA200 19.56
 
Levels
Previous Daily High 24.31
Previous Daily Low 23.57
Previous Weekly High 25.18
Previous Weekly Low 22.88
Previous Monthly High 28.9
Previous Monthly Low 21.66
Daily Fibonacci 38.2% 24.03
Daily Fibonacci 61.8% 23.85
Daily Pivot Point S1 23.79
Daily Pivot Point S2 23.31
Daily Pivot Point S3 23.05
Daily Pivot Point R1 24.53
Daily Pivot Point R2 24.79
Daily Pivot Point R3 25.28

 

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