- Silver attempts a bounce after holding onto the $25.50 level.
- Acceptance above 21-HMA is critical to unleashing further gains.
- RSI stays bearish, pointing to a shallow recovery in XAG/USD.
Silver (XAG/USD) is attempting a minor bounce in European trading, having found solid support near the midpoint of the $25 level.
However, the XAG bulls appear to lack follow-through, as it faces stiff resistance at the horizontal 21-hourly moving average (HMA), now at $25.68
Silver Price Chart: Hourly
Acceptance above the latter is needed for the bulls to revive the recovery momentum towards the $25.85 level, where the price faced rejection in the US last session. At that level, the bearish 50-HMA also coincides.
The white metal could look to recapture the powerful resistance at $26, the confluence of the 200 and 100-HMAs, if the abovementioned hurdle is cleared on a sustained basis.
The Relative Strength Index (RSI) points south below the midline, suggesting that any pullback attempts are likely to remain shallow.
To the downside, a sustained move below the $25.50 support area would threaten the $25 threshold.
The March 5 low of $24.83 could be tested if the selling pressure intensifies.
Silver Additional levels
|Today last price||25.66|
|Today Daily Change||-0.09|
|Today Daily Change %||-0.35|
|Today daily open||25.75|
|Previous Daily High||26.24|
|Previous Daily Low||25.41|
|Previous Weekly High||26.64|
|Previous Weekly Low||25.76|
|Previous Monthly High||30.07|
|Previous Monthly Low||25.9|
|Daily Fibonacci 38.2%||25.73|
|Daily Fibonacci 61.8%||25.92|
|Daily Pivot Point S1||25.36|
|Daily Pivot Point S2||24.97|
|Daily Pivot Point S3||24.54|
|Daily Pivot Point R1||26.19|
|Daily Pivot Point R2||26.63|
|Daily Pivot Point R3||27.02|
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