Silver Price Analysis: XAG/USD remains vulnerable while below $28 mark
- Silver attempts a bounce but not out of the woods yet.
- XAG/USD fails to find acceptance above the $28 mark once again.
- 200-SMA on the 4H chart is critical support.
Silver price (XAG/USD) is attempting a bounce in early European morning, having hit a daily low of $27.59 in Asian trades.
At the time of writing, the white metal is challenging the 50-Simple Moving Average (SMA) on the four-hour chart once again. That hurdle is now located at $27.75.
Acceptance above the latter on a four-hourly candlestick closing basis could call for a test o the horizontal 21-SMA at $27.87.
The next key resistance for silver is located at the $28 round figure. Further up, the June 11 high at $28.29 will be on the buyers’ radars.
The Relative Strength Index (RSI) has recovered and now looks to reclaim the midline, suggesting weakening bearish bias.
However, silver’s failure to resist at the higher levels could recall the sellers, with a retest of the bullish 200-SMA at $27.54 likely on the cards.
Silver Price Chart: Four-hour chart
Silver Additional levels
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.
