Silver trapped between two key barriers hourly chart. Hourly RSI has turned flat while steadying at midline. Downside appears more compelling in the near-term. Silver (XAG/USD) extended the ongoing relentless rally and recorded fresh 7.5-year highs at $29.86 in the Asian trades before correcting $2 to $$27.88. The spot remains in a consolidative mode, with the upside attempts capped near $28.60/80 region, which is the confluence of the 21-hourly Simple Moving Average (HMA) and 23.6% Fibonacci (Fib) Retracement of the fresh rally to multi-year tops seen from August 4. A sustained break above the 21-HMA could trigger a renewed upside towards the $29.85/30 levels. Alternatively, to the downside, powerful support awaits at $27.70, the convergence of the 50-HMA and 38.2% Fib of the same advance. The Fib 50% level at $27.02 will offer the next cushion should the selling pressure intensify. The hourly Relative Strength Index (RSI) holds steady at the midline, suggesting a lack of clear directional bias. However, with the corrective pullback and overbought conditions on the daily chart, the downside appears more compelling. Silver: XAG/USD hourly chart Silver additional levels FX Street FX Street FXStreet is the leading independent portal dedicated to the Foreign Exchange (Forex) market. It was launched in 2000 and the portal has always been proud of their unyielding commitment to provide objective and unbiased information, to enable their users to take better and more confident decisions. View All Post By FX Street FXStreet News share Read Next EUR/USD needs to clear 2018 top at 1.1923/26 to ease threat of correction – Credit Suisse FX Street 2 years Silver trapped between two key barriers hourly chart. Hourly RSI has turned flat while steadying at midline. Downside appears more compelling in the near-term. Silver (XAG/USD) extended the ongoing relentless rally and recorded fresh 7.5-year highs at $29.86 in the Asian trades before correcting $2 to $$27.88. The spot remains in a consolidative mode, with the upside attempts capped near $28.60/80 region, which is the confluence of the 21-hourly Simple Moving Average (HMA) and 23.6% Fibonacci (Fib) Retracement of the fresh rally to multi-year tops seen from August 4. A sustained break above the 21-HMA could trigger a renewed upside… Regulated Forex Brokers All Brokers Sponsored Brokers Broker Benefits Min Deposit Score Visit Broker 1 $100T&Cs Apply 0% Commission and No stamp DutyRegulated by US,UK & International StockCopy Successfull Traders 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 2 T&Cs Apply 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 3 Recommended Broker $100T&Cs Apply No deposit or withdrawal feesTrade major forex pairs such as EUR/USD with leverage up to 30:1 and tight spreads of 0.9 pips Low $100 minimum deposit to open a trading account 9 Visit Site FreeBets ReviewsYour capital is at risk. 4 T&Cs Apply Visit Site FreeBets ReviewsYour capital is at risk. 5 Recommended Broker $0T&Cs Apply Trade gold, silver, and platinum directly against major currenciesUp to 1:500 leverage for forex trading24/5 customer service by phone and email 9 Visit Site FreeBets ReviewsYour capital is at risk.
