Forex News

03:06:40 17-05-2022

Silver Price Analysis: XAG/USD pierces monthly hurdle around mid-$21.00s

  • Silver buyers take a breather after a two-day rebound.
  • Upside break of monthly falling trend line, firmer RSI favor buyers.
  • 50-SMA, fortnight-old horizontal line challenges short-term upside.
  • Sellers need validation from $21.20 for fresh entries.

Silver (XAG/USD) pauses the latest recovery from a two-year low of around $21.60 during Tuesday’s Asian session.

Even so, the bright metal manages to keep the upside break of the descending trend line from April 18, around $21.50 by the press time.

Given the firmer RSI (14) line, not overbought, the latest trend line breakout can support buyers to prosper, which in turn highlights the 50-SMA hurdle of $21.70.

Also challenging the XAG/USD bulls is a horizontal area comprising multiple levels marked since early May, close to $22.10.

Meanwhile, pullback moves need to break a two-day-old rising support line, around $21.20, ahead of challenging the latest multi-month low near $20.45.

In a case where silver prices drop below $20.45, the $20.00 psychological magnet will be crucial for sellers to watch.

Silver: Four-hour chart

Trend: Further upside expected

 

News provided by the portal FXStreet
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