Silver Price Analysis: XAG/USD prints three-day losing streak above $24.00
- Silver prices lack upside momentum following its pullback from $26.20.
- Lower high, overbought RSI keeps the sellers hopeful, $23.30 acts as immediate support.
- Fresh upside past-$26.20 will aim for the early-April, 2013 top.
Silver prices ease to $24.22, down 0.37% on a day, during the initial trading session on Thursday. The white metal has been stepping backward from ever since it surged to the highest since in seven years on Tuesday. Also increasing the odds of the bullion’s further weakness is overbought RSI conditions and a short-term lower high pattern. Though, bullish MACD keeps restricting the bears’ entries.
As a result, sellers are likely to wait for further confirmation and may cheer downside break of $24.00 to aim for $23.30, comprising Wednesday’s low and last Thursday's high. Following that, lows marked on Tuesday and July 23 could challenge further declines around $22.30/25.
In a case where the quote remains weak past-$22.25, an ascending trend line from April 14, at $21.55 now, will be in the spotlight.
Meanwhile, $25 and $26.00 may offer immediate upside barriers during the metal’s fresh rise ahead of the latest multi-year high of $26.20.
If the bulls remain dominant past-$26.20, low of April 04, 2013, around $26.65 will become the buyers’ favorite.
Silver daily 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.
