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13 Aug 2020

Silver Price Analysis: XAG/USD remains trapped in a pennant, awaits range breakout

  • Silver consolidates in a tight range around $26 this Thursday.
  • XAG/USD awaits fresh impetus for a range breakout on 1H.
  • Path of least resistance appears to the upside for the metal.

Following wild swings witnessed on Wednesday, Silver (XAU/USD) has entered a phase of consolidation around the $26 mark this Thursday.

The white metal is in search of a fresh direction after having crashed to $23.50 levels a day before. Are investors looking for a bullish reversal confirmation?

Let’s take a look at XAG/USD’s hourly chart, where the price is teasing a pennant breakout at the $26 level. The Relative Strength Index (RSI) is flatlined just above the midline, still keeping buyers hopeful.

An hourly closing above the aforesaid resistance will confirm the pattern, opening doors towards the horizontal 200-hourly Simple Moving Average (HMA) at $26.64.

Further north, the bearish 100-HMA at $27.13 will be challenged to confirm a bullish reversal.

Alternatively, the immediate downside remains capped at $25.75, the confluence of the horizontal 21-HMA and bearish 50-HMA.

Acceptance below the latter could trigger a fresh slide towards the rising trendline support at $25.39.

XAG/USD: Hourly chart

fxsoriginal

XAG/USD: Additional levels

 

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