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- Silver Price Analysis: XAG/USD struggles for direction, stuck in a range below $25.00 confluence
Silver Price Analysis: XAG/USD struggles for direction, stuck in a range below $25.00 confluence
- Silver struggled to capitalize on the overnight strong rebound and remained below the $25.00 mark.
- The mixed technical set-up warrants caution for aggressive traders and before placing directional bets.
Silver struggled to capitalize on the previous day's solid rebound from sub-$24.00 levels, or a one-month low and witnessed subdued/range-bound price moves on Wednesday.
Spot prices remained confined in a narrow trading band, below the $25.00 psychological mark through the first half of the European session. The said handle marks a confluence support breakpoint, comprising the 200-period SMA on the 4-hour chart and the lower boundary of an upward sloping trend channel.
Given the overnight strong recovery from the vicinity of the 61.8% Fibonacci retracement level of the $22.00-$26.95 move up, some follow-through buying could be seen as a fresh trigger for bulls. The XAG/USD could then aim to surpass the $25.40-$25.50 intermediate hurdle and reclaim the $26.00 mark.
That said, neutral technical indicators on the daily chart haven't been supportive of a firm near-term direction and warrant caution before placing aggressive bets. Hence, it will be prudent to wait for strong follow-through buying before positioning for any meaningful upside for the XAG/USD.
On the flip side, the $24.75 area now seems to act as support and protect the immediate downside ahead of the $24.55-$24.50 region (50% Fibo. level). A convincing breakthrough would make the XAG/USD vulnerable to slide back to challenge the 61.8% Fibo. level support, around the $23.95-$23.85 region.
Silver 4-hour chart
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Technical levels to watch
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