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- Silver Price Analysis: XAG/USD bounces off $21.30 support confluence to pare daily losses
Silver Price Analysis: XAG/USD bounces off $21.30 support confluence to pare daily losses
- Silver takes a U-turn from intraday low to consolidate recent losses.
- Clear break of weekly rising channel, sustained trading below two-day-old descending trend channel favor bears.
- Bulls need to cross $22.10 to validate short-term rebounds.
Silver (XAG/USD) picks up bids to $21.40 as it pares the daily loss during Thursday’s Asian session.
In doing so, the bright metal bounces off the 100-HMA and support line of a two-day-old descending trend channel.
However, falling RSI (14) joins the successful break of the weekly rising channel to keep sellers hopeful.
That said, a fresh downside awaits a clear break of the $21.30 support confluence before targeting the $21.00 threshold.
It’s worth noting that $20.80 and the recent lows of $20.45 may entertain XAG/USD sellers past-$21.00, but before highlighting the $20.00 psychological magnet.
Meanwhile, recovery moves may initially aim for the immediate channel’s resistance, around $21.70, before targeting that two-week-long horizontal area and lower line of the broader channel near $22.10.
In a case where silver prices remain firm past $22.10, the odds of witnessing $23.00 on the chart can’t be ruled out.
Silver: Hourly chart
Trend: Bearish
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