Silver Price Analysis: XAG/USD prints rising wedge on hourly chart
- Silver prices ease from intraday high of $23.97.
- Dwindling MACD signals, bearish chart pattern keep sellers hopeful.
- Bulls need to cross last Tuesday’s top for fresh entries.
Silver prices drops to $23.85 during Monday’s Asian session. Even so, the white metal prints 0.50% intraday gains while keeping bounce off the support line of a short-term rising wedge bearish chart play.
The MACD histogram has been sluggish off-late while buyers fail to remain strong beyond $24.00. Hence, sellers are waiting for the confirmation of the rising wedge for fresh entries.
Other than the $23.72 support line, the 200-HMA level of $23.42 also acts as the near-term key support, a break of which will highlight the September 25 low near $22.40/45. However, bears will have to smash the September 24 top surrounding $23.35 for the same.
Meanwhile, an upside clearance of a three-day-old resistance line, at $24.25 now, will require a clear run-up beyond the September 29 high of $24.40 to recall the buyers.
Following that, the $25.00 threshold and the early September lows close to $25.80/85 will be in the spotlight.
Silver hourly chart
Trend: Pullback expected
Reprinted from FXStreet,the copyright all reserved by the original author.
Disclaimer: The content above represents only the views of the author or guest. It does not represent any views or positions of FOLLOWME and does not mean that FOLLOWME agrees with its statement or description, nor does it constitute any investment advice. For all actions taken by visitors based on information provided by the FOLLOWME community, the community does not assume any form of liability unless otherwise expressly promised in writing.
FOLLOWME Trading Community Website: https://www.followme.com
Hot
-THE END-