Silver Price Analysis: XAG/USD jostles with a key to $24.60-50 support region
- Silver price stays pressured as bears attack 21-DMA, two-month-old ascending support line.
- Bearish MACD signals, RSI’s retreat from overbought territory suggests further downside.
- Multiple levels marked since early 2023 highlight $24.60-50 as crucial downside support for XAG/USD.
Silver price (XAG/USD) clings to mild losses near $25.30 during a two-day losing streak amid early Thursday morning in Europe.
In doing so, the bright metal not only extends the previous day’s U-turn from the weekly top but also prods the key $25.30-25 support confluence encompassing the 21-DMA and an upward-sloping trend line from early March.
Given the bearish MACD signals and the RSI (14) line’s retreat from the overbought territory, the Silver price remains on the bear’s radar.
However, a daily closing below the $25.25 level becomes necessary for the XAG/USD sellers to retake control.
Even so, a horizontal area comprising multiple levels marked since early January, around $24.60-50, appears a tough nut to crack for the Silver bears before taking control.
On the contrary, the $26.00 round figure guards the immediate recovery of the Silver price ahead of the yearly peak of around $26.15.
Should the XAG/USD remains firmer past $26.15, April 2022 high surrounding $26.25 can act as the last defense of the Silver bears, a break of which could quickly propel the bullion toward the previous yearly peak of around $26.95. Also acting as an upside filter is the $27.00 round figure.
Overall, the Silver price slips off the bull’s table but the bears have a bumpy road ahead of retaking the power.
Silver price: Daily chart
Trend: Further downside expected