XAG/USD caught in vary under $27.50 forward of Powell

  • 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

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XAG/USD: Further ranges

 

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