- Silver bulls proceed to face rejection at 50-HMA.
- Hourly RSI turns bearish, suggesting extra draw back.
- $26.05 may proceed to restrict the declines in XAG/USD.
Following a staggering $1.5 rally seen on Wednesday, Silver (XAG/USD) trades uneven to this point this Thursday, though stays trapped inside a 50-cents vary under $27.50.
From a short-term technical perspective, the white metallic fell as little as $26.92 within the Asian trades, piercing by means of the horizontal 200-hourly Easy Transferring Common (HMA), then at $27.02.
The worth, nevertheless, shortly recaptured the 200-HMA, forming increased lows on the hourly chart since then.
At press time, the spot is buying and selling properly above the bullish 21-HMA at $27.23, trying to retest the horizontal trendline resistance positioned at $27.53.
Acceptance above the latter may open doorways for a check of the multi-year highs past $29.
On the flip facet, a break under the 200-HMA may set off a pointy decline in direction of the subsequent related help at $26.75, the confluence space of the 50 and 100-HMAs.
Sellers will then goal Wednesday’s excessive of $26.09 ought to the draw back strain intensify.
XAG/USD: Hourly chart
XAG/USD: Further ranges