- Silver bulls continue to face rejection at 50-HMA.
- Hourly RSI turns bearish, suggesting more downside.
- $26.05 could continue to limit the declines in XAG/USD.
Following a staggering $1.5 rally seen on Wednesday, Silver (XAG/USD) trades choppy so far this Thursday, although remains trapped within a 50-cents range below $27.50.
From a short-term technical perspective, the white metal fell as low as $26.92 in the Asian trades, piercing through the horizontal 200-hourly Simple Moving Average (HMA), then at $27.02.
The price, however, quickly recaptured the 200-HMA, forming higher lows on the hourly chart since then.
At press time, the spot is trading well above the bullish 21-HMA at $27.23, looking to retest the horizontal trendline resistance placed at $27.53.
Acceptance above the latter could open doors for a test of the multi-year highs beyond $29.
On the flip side, a break below the 200-HMA could trigger a sharp decline towards the next relevant support at $26.75, the confluence area of the 50 and 100-HMAs.
Sellers will then target Wednesday’s high of $26.09 should the downside pressure intensify.
XAG/USD: Hourly chart
XAG/USD: Additional levels
|Today last price||27.32|
|Today Daily Change||-0.18|
|Today Daily Change %||-0.65|
|Today daily open||27.51|
|Previous Daily High||27.51|
|Previous Daily Low||26.1|
|Previous Weekly High||28.47|
|Previous Weekly Low||25.83|
|Previous Monthly High||26.21|
|Previous Monthly Low||17.76|
|Daily Fibonacci 38.2%||26.97|
|Daily Fibonacci 61.8%||26.64|
|Daily Pivot Point S1||26.57|
|Daily Pivot Point S2||25.63|
|Daily Pivot Point S3||25.16|
|Daily Pivot Point R1||27.98|
|Daily Pivot Point R2||28.45|
|Daily Pivot Point R3||29.39|
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