Silver Price Analysis: XAG/USD stuck in range below $27.50 ahead of Powell

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.

Dhwani Mehta FXStreet

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

XAG/USD

Overview
Today last price	27.32
Today Daily Change	-0.18
Today Daily Change %	-0.65
Today daily open	27.51

Trends
Daily SMA20	26.62
Daily SMA50	22.36
Daily SMA100	19.34
Daily SMA200	18.1

Levels
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

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.

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