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.

Dhwani Mehta FXStreet

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

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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