Silver Price Analysis: The XAG/USD continues to be weak with a $25.30 break

Silver sellers target 10-DMA within rising wedge bearish chart pattern.

Silver Price Analysis: The XAG/USD continues to be weak with a $25.30 break
  • The MACD bear cross is a sign that sellers are optimistic.

  • A clear break in the support line of the wedge can lead to a quote for 200-DMA.

Silver (XAG/USD), prices are still around $25.60, as bears target the 10-DMA level during Monday’s mid-Asian session.

The bright metal is still within a two-month-old rising-wedge bearish chart pattern.

The XAG/USD sellers are hopeful because of the potential bear cross between MACD and signal lines.

To direct silver bears towards $24.00, however, a daily close below the wedge's lower line (around $25.30 at the press time) will be required.

The corrective pullback will initially be impeded by the $26.00 level and the multi-month high of $26.95.

The wedge will then be in focus with an upwardly sloping trendline starting from January 20 and forming part around $27.30.


 

NEXT NEWS