Silver Price Analysis: 50-HMA at $26.53 remains a tough nut to crack
- 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.
Silver (XAG/USD) extends its bearish consolidation phase into a fourth straight session on Wednesday, carving out a descending triangle on the hourly chart.
So far this week, the price has formed lower highs, with the upside attempts capped by the bearish 50-hourly Simple Moving Average (HMA), currently at $26.53.
Meanwhile, the buyers continue to find support near $26.05, August 21 and 25 lows.
The hourly Relative Strength Index (RSI) has turned south and cracked the midline, into the bearish region at 47.45.
Therefore, the sellers aim for the daily low of $26.24 should the 21-HMA support at $26.41 give way. Further down, the aforesaid critical support at $26.05 will come into play.
To the top side, a clearance of the 50-HMA barrier is needed to negate the near-term bearish bias.
The 100-HMA hurdle at $26.73 will lure the buyers, as they look to regain the $27 mark, where the horizontal 200-HMA meets.
XAG/USD: Hourly chart
XAG/USD: Additional levels
XAG/USD
| OVERVIEW | |
|---|---|
| Today last price | 26.51 |
| Today Daily Change | -0.18 |
| Today Daily Change % | -0.68 |
| Today daily open | 26.58 |
| TRENDS | |
|---|---|
| Daily SMA20 | 26.46 |
| Daily SMA50 | 22.16 |
| Daily SMA100 | 19.22 |
| Daily SMA200 | 18.05 |
| LEVELS | |
|---|---|
| Previous Daily High | 26.81 |
| Previous Daily Low | 26.06 |
| Previous Weekly High | 28.47 |
| Previous Weekly Low | 25.83 |
| Previous Monthly High | 26.21 |
| Previous Monthly Low | 17.76 |
| Daily Fibonacci 38.2% | 26.35 |
| Daily Fibonacci 61.8% | 26.52 |
| Daily Pivot Point S1 | 26.16 |
| Daily Pivot Point S2 | 25.74 |
| Daily Pivot Point S3 | 25.42 |
| Daily Pivot Point R1 | 26.9 |
| Daily Pivot Point R2 | 27.22 |
| Daily Pivot Point R3 | 27.64 |
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