Silver Price Analysis: XAG/USD remains trapped in a pennant, awaits range breakout

Silver consolidates in a tight range around $26 this Thursday.
XAG/USD awaits fresh impetus for a range breakout on 1H.
Path of least resistance appears to the upside for the metal.

Dhwani Mehta FXStreet

Following wild swings witnessed on Wednesday, Silver (XAU/USD) has entered a phase of consolidation around the $26 mark this Thursday.

The white metal is in search of a fresh direction after having crashed to $23.50 levels a day before. Are investors looking for a bullish reversal confirmation?

Let’s take a look at XAG/USD’s hourly chart, where the price is teasing a pennant breakout at the $26 level. The Relative Strength Index (RSI) is flatlined just above the midline, still keeping buyers hopeful.

An hourly closing above the aforesaid resistance will confirm the pattern, opening doors towards the horizontal 200-hourly Simple Moving Average (HMA) at $26.64.

Further north, the bearish 100-HMA at $27.13 will be challenged to confirm a bullish reversal.

Alternatively, the immediate downside remains capped at $25.75, the confluence of the horizontal 21-HMA and bearish 50-HMA.

Acceptance below the latter could trigger a fresh slide towards the rising trendline support at $25.39.

XAG/USD: Hourly chart

XAG/USD: Additional levels

XAG/USD

Overview
Today last price	25.97
Today Daily Change	0.36
Today Daily Change %	1.41
Today daily open	25.54

Trends
Daily SMA20	24.16
Daily SMA50	20.47
Daily SMA100	18.08
Daily SMA200	17.6

Levels
Previous Daily High	26.28
Previous Daily Low	23.44
Previous Weekly High	29.86
Previous Weekly Low	24.03
Previous Monthly High	26.21
Previous Monthly Low	17.76
Daily Fibonacci 38.2%	25.2
Daily Fibonacci 61.8%	24.52
Daily Pivot Point S1	23.89
Daily Pivot Point S2	22.24
Daily Pivot Point S3	21.04
Daily Pivot Point R1	26.73
Daily Pivot Point R2	27.93
Daily Pivot Point R3	29.58

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.

EUR/USD faces some resistance near 100-SMA on H4, around 1.1830 zone

The EUR/USD pair gains some follow-through positive traction for the second consecutive day and climbs to the 1.1830 region during the Asian session on Thursday. The US Dollar remains on the back foot amid concerns about the economic fallout from US President Donald Trump's erratic trade policies and acts as a tailwind for spot prices.

GBP/USD extends recovery to near 20-day EMA as US Dollar weakens

The Pound Sterling holds onto weekly gains around 1.3565 against the US Dollar during the Asian trading session on Thursday. The GBP/USD pair trades firmly as the US Dollar remains under pressure due to uncertainty surrounding the United States trade policy outlook.

Gold looks to build on strength beyond $5,200, eyes monthly peak amid safe-haven flows

Gold touches a fresh daily high heading into the European session on Thursday, with bulls looking to build on the momentum beyond the $5,200 mark. This marks the second straight day of a positive move and is supported by sustained safe-haven flows, bolstered by uncertainties surrounding US President Donald Trump's trade policies and US-Iran nuclear talks.

Stellar: Relief bounce fades as bearish undertone persists

Stellar is trading around $0.16 at the time of writing on Thursday after rebounding more than 8% in the previous day. Derivatives data paints a negative picture as XLM’s short bets hit a monthly high while Open Interest continues to decline.

Nvidia delivers another monster earnings report, and forecasts big things to come

It was another monster earnings report from Nvidia for fiscal Q4. Revenues were $68.1bn, smashing estimates of $65bn. Gross profit margin was a healthy 75%, up from 73.5% in the prior quarter, and the outlook for this quarter was monstrous.

Solana strikes key resistance with double-digit gains

Solana trades at $88 at press time on Thursday, after an 11% upswing the previous day within a broader consolidation range of roughly three weeks. Institutional demand for Solana heightens as US spot SOL Exchange Traded Funds record $30 million of inflow on Wednesday.