Silver Price Analysis: XAG/USD prints rising wedge on hourly chart
- Silver prices ease from intraday high of $23.97.
- Dwindling MACD signals, bearish chart pattern keep sellers hopeful.
- Bulls need to cross last Tuesday’s top for fresh entries.
Silver prices drops to $23.85 during Monday’s Asian session. Even so, the white metal prints 0.50% intraday gains while keeping bounce off the support line of a short-term rising wedge bearish chart play.
The MACD histogram has been sluggish off-late while buyers fail to remain strong beyond $24.00. Hence, sellers are waiting for the confirmation of the rising wedge for fresh entries.
Other than the $23.72 support line, the 200-HMA level of $23.42 also acts as the near-term key support, a break of which will highlight the September 25 low near $22.40/45. However, bears will have to smash the September 24 top surrounding $23.35 for the same.
Meanwhile, an upside clearance of a three-day-old resistance line, at $24.25 now, will require a clear run-up beyond the September 29 high of $24.40 to recall the buyers.
Following that, the $25.00 threshold and the early September lows close to $25.80/85 will be in the spotlight.
Silver hourly chart
Trend: Pullback 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.
