Silver Price Analysis: XAG/USD remains depressed near $25.00 within bearish channel

Silver price treats while fading late Wednesday’s corrective bounce.
Eight-day-old descending trend channel, sustained trading below 200-HMA keeps XAG/USD bears hopeful.
Absence of oversold RSI adds strength to the bearish bias.
Silver price recovery needs validation from $25.70 to convince buyers.

Anil Panchal FXStreet

Silver price (XAG/USD) drops to $24.90 as it fades the latest corrective bounce amid the early hours of Thursday’s Asian session. In doing so, the bright metal remains inside an eight-day-old downward-sloping trend channel, as well as staying below the 200-Hour Moving Average (HMA).

Not only the bearish chart formation and the sustained trading below the 200-HMA but bearish MACD signals and an absence of the oversold RSI (14) also favor the XAG/USD. It’s worth noting, however, that the below 50 level of the RSI line suggests a bumpy road towards the south.

That said, the 61.8% Fibonacci retracement level of the XAG/USD’s upside between April 03 and 14, near $24.50, appears the immediate support for the Silver price to test.

However, the $25.00 round figure and the aforementioned channel’s bottom line, close to $24.40, seem tough nuts to crack for the commodity sellers, which if broken could make the quote vulnerable to refreshing the monthly low, currently around $23.55.

On the flip side, a convergence of the 200-HMA and 38.2% Fibonacci retracement level guards short-term Silver price upside near $25.10.

Following that, the stated bearish channel’s top line, near $25.25 by the press time, will be in focus.

It should be observed that the XAG/USD run-up beyond $25.25 isn’t an open invitation to the Silver bulls as the $25.70 hurdle comprising the levels marked during mid-April can prod the upside momentum.

Silver Price: Hourly chart

Trend: Further downside expected

Additional important levels

Overview
Today last price	24.88
Today Daily Change	-0.14
Today Daily Change %	-0.56%
Today daily open	25.02

Trends
Daily SMA20	24.81
Daily SMA50	22.88
Daily SMA100	23.15
Daily SMA200	21.47

Levels
Previous Daily High	25.36
Previous Daily Low	24.49
Previous Weekly High	25.6
Previous Weekly Low	24.64
Previous Monthly High	24.16
Previous Monthly Low	19.9
Daily Fibonacci 38.2%	24.83
Daily Fibonacci 61.8%	25.03
Daily Pivot Point S1	24.55
Daily Pivot Point S2	24.09
Daily Pivot Point S3	23.69
Daily Pivot Point R1	25.42
Daily Pivot Point R2	25.82
Daily Pivot Point R3	26.29

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.

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