Search ForexCrunch
  • Silver hovers within a symmetrical triangle on the 4H chart.
  • XAG/USD awaits a range break, with odds for the upside higher.
  • Bullish RSI and 21-SMA support keep the XAG buyers hopeful.

Silver (XAG/USD) has reclaimed the green territory after snapping back into losses on Monday.

Sellers continue to lurk above the $26 mark, keeping the support zone around $25.80/60 region exposed.

However, the rising 21-simple moving average (SMA) at $25.87 has every time come to the rescue of the XAG bulls.

Therefore, it’s critical for the white metal that the 21-SMA support holds, in order to recapture the $26 threshold.

If the buying pressure intensifies around silver, we could see the $26 level likely to be taken out, as the triangle resistance could come into the picture at $26.15.

A four-hour candlestick closing above the latter is likely to validate a symmetrical triangle breakout, opening doors towards the $26.50 psychological level.

The Relative Strength Index (RSI) trades listless around 58.50 but above the central line. Thus, the odds of a potential upside remain higher.  

Silver Price Chart: Four-hour

However, if the price closes the candlestick below the 21-SMA support, a breach of the triangle support remains inevitable.

The ascending 50-SMA support at $25.49 will be up for grabs.

Silver Additional levels

 

Expert score

5

Etoro - Best For Beginner & Experts

  • 0% Commission and No stamp Duty
  • Regulated by US,UK & International Stock
  • Copy Successfull Traders
Your capital is at risk.