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Silver Price Analysis: XAG/USD prints rising wedge on hourly chart

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  • 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

Silver Price Analysis: XAG/USD prints rising wedge on hourly chart

Trend: Pullback expected

Additional important levels

Overview
Today last price 23.92
Today Daily Change 0.18
Today Daily Change % 0.76%
Today daily open 23.74
Trends
Daily SMA20 25.29
Daily SMA50 26.07
Daily SMA100 22.18
Daily SMA200 19.28
Levels
Previous Daily High 24.21
Previous Daily Low 23.48
Previous Weekly High 24.41
Previous Weekly Low 22.52
Previous Monthly High 28.9
Previous Monthly Low 21.66
Daily Fibonacci 38.2% 23.76
Daily Fibonacci 61.8% 23.93
Daily Pivot Point S1 23.41
Daily Pivot Point S2 23.09
Daily Pivot Point S3 22.69
Daily Pivot Point R1 24.13
Daily Pivot Point R2 24.53
Daily Pivot Point R3 24.86

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Silver prices ease from intraday high of $23.97, dwindling MACD signals, bearish chart pattern keep sellers hopeful.

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