SILVER PRICE ANALYSIS: XAG/USD BUYERS AIM FOR $26.00 INSIDE NEARBY FALLING WEDGE

  • Silver trims intraday gains inside a bullish chart pattern.
  • Normal RSI conditions, weekly support line favor buyers to aim for 200-HMA.
  • Multiple hurdles probe bears below the monthly bottom.

Silver prices wobble around $25.80, up 0.18% intraday, despite the recent pullback during early Wednesday. Although the white metal fades bounce off 10-week low, flashed on Monday, it stays above the weekly support line and inside a bullish chart formation called falling wedge.

As RSI conditions also reject further bearish momentum, silver buyers could seek entries on the upside break of $25.95, the confirmation point for the stated bullish pattern.

Following that, the late Thursday’s swing high around $26.50 and 200-HMA near the $27.00 should return to the charts. However, the early month lows around $27.30 may check the bulls afterward.

Meanwhile, a downside break of the immediate support, close to $25.70, may refresh the multi-day low by targeting the wedge’s lower line figure of $25.50.

In a case where the silver sellers keep reins below $25.50, RSI conditions can challenge the further downside around the $25.00 or near early March lows close to $24.80.

SILVER HOURLY CHART



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