Silver Price Analysis: XAG/USD retraces from 21-day EMA to attack $27.00
- Silver prices probe intraday high after bouncing off the lowest since August 26.
- An ascending trend line from July 17 grabs the buyers’ attention.
- Sellers may eye 50-day EMA during the further declines.
Silver bucks the two-day downside while taking a U-turn from $26.38 to $26.89, up 1.08% on a day, during the early Friday. The white metal earlier slumped to a seven-day low before recovering from 21-day EMA.
Considering the normal RSI conditions and support of the near-term key EMA, the bullion is likely to extend its latest pullback towards regaining the seven-week-old ascending trend line, currently around $27.56. Though, $27.00 round-figures may offer an immediate upside barrier to the quote.
During the metal’s sustained rise past-$27.56, the monthly top around $28.90 will regain market attention.
Meanwhile, the daily closing below the 21-day EMA level of $26.64 may take rest at July month’s high of $26.20 before targeting the 50-day EMA level of $24.32.
If at all the sellers dominate past-$24.32, the 50% Fibonacci retracement level of June-August upside near $23.40 will be the key to watch.
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.
