Silver Price Analysis: XAG/USD consolidates below multi-month top, bullish potential intact – by hareshmenghani Silver Commodities Technical Analysis XAGUSD
is currently placed around the $23.70 area, well below its highest level since late April touched on Tuesday.
From a technical perspective, the recent move-up witnessed over the past week or so has been along an upward-sloping channel. This points to a well-established short-term bullish trend. Furthermore, oscillators on hourly charts have eased from the overbought territory and support prospects for further gains. That said, RSI on the dailyNevertheless, any subsequent downtick is likely to find decent support near the lower boundary of the aforementioned trend channel, currently around the mid-$23.
The next relevant support is pegged just below the $23.00 mark, which coincides with the 200-hour SMA. Some follow-through selling will expose the $22.55 support zone before the XAG/USD eventually drops to the $22.00 round figure. The latter should act as a key pivotal point and a strong base for spot prices, at least for the time being.
On the flip side, the $24.00 mark now becomes immediate hurdle, above which the XAG/USD is likely to surpass the multi-month top, around the $24.15 area, and test the ascending channel resistance. A sustained strength beyond the said barrier, currently around the $24.35 region, will be seen as a fresh trigger for bullish traders and allow the white metal to reclaim the $25.00 psychological mark.
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