Silver Price Analysis: XAG/USD grinds lower around $25.00 inside falling channel


  • Silver struggles to keep bounce off three-month low.
  • Bearish chart pattern, sustained trading below 200-HMA favor sellers.
  • Channel’s support, mid-April lows offer a halt during the fall to yearly bottom.

Silver (XAG/USD) remains pressured for the fourth consecutive day, despite a recent rebound to $24.90, amid early Wednesday.

In doing so, the bright metal prints 0.13% intraday loss while staying inside a two-day-old descending trend channel formation.

Although oversold RSI recently triggered the commodity’s bounce, a bearish chart formation and the metal’s sustained trading below 200-HMA keeps directing silver sellers to the yearly low of $23.77.

During the fall, the stated channel’s support surrounding $24.70 and April 13 bottom of $24.68 could test the bears.

Meanwhile, recovery moves need to cross the channel’s upper line, around $25.00 by the press time, to aim for a 200-HMA level of $25.85.

However, the $26.00 threshold the previous week’s top near $26.45-50, followed by the monthly peak of $26.77, will be tough challenges for XAG/USD bulls.

Silver: Hourly chart

Trend: Bearish

Additional important levels

Overview
Today last price 24.93
Today Daily Change -0.01
Today Daily Change % -0.04%
Today daily open 24.94
 
Trends
Daily SMA20 25.99
Daily SMA50 26.89
Daily SMA100 26.36
Daily SMA200 25.86
 
Levels
Previous Daily High 25.28
Previous Daily Low 24.82
Previous Weekly High 26.46
Previous Weekly Low 25.6
Previous Monthly High 28.56
Previous Monthly Low 25.52
Daily Fibonacci 38.2% 24.99
Daily Fibonacci 61.8% 25.1
Daily Pivot Point S1 24.75
Daily Pivot Point S2 24.55
Daily Pivot Point S3 24.29
Daily Pivot Point R1 25.21
Daily Pivot Point R2 25.47
Daily Pivot Point R3 25.66

 

 

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