Silver Price Analysis: XAG/USD bounces off one-month-old support to prod 50-SMA above $25.00 Silver XAGUSD Technical Analysis ChartPatterns SupportResistance
Silver price grinds higher after snapping two-day downtrend, taking a U-turn from one-month-old ascending trend line.
That said, the receding strength of the bearish MACD signals and steady RSI can offer a tailwind to the recent recovery moves of the XAG/USD and allow it to cross the immediate hurdle, namely the 50-SMA level surrounding $25.25. Also acting as an upside filter is the latest swing high of $26.06, also the highest level since April 2022.
On the flip side, the downside break of the aforementioned one-month-old upward-sloping support line, around $25.00 by the press time, restricts the immediate downside of the Silver price.
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