Silver bounced off key support on the hourly chart after the slump. Hourly RSI rebounds from the oversold region, points north. 21-HMA to challenge XAG/USD’s pullback from monthly lows. Silver (XAG/USD) paused its six-day losing streak, having hit fresh nine-week lows of $21.70 in early trades. The bears take a breather after the recent slump, mainly driven by the relentless strength in the US dollar across its main competitors. A flight to safety amid growing fears over coronavirus resurgence and its implications on the global economy bolstered the haven demand for the greenback. From a short-term technical perspective, the white metal is attempting a minor recovery after meeting strong demand at $21.70, the falling trendline support while the spot wavers in a potential falling channel formation. To the upside, the bulls look to reclaim the critical 21-daily Simple Moving Average (DMA), currently at $23.02, for the recovery to gain momentum. The hourly Relative Strength Index (RSI) has rebounded from within the oversold territory and points higher at 37.20, adding credence to the pullback. A firm break above the 21-HMA barrier could open the door towards the falling trendline resistance at $23.60. The next upside target awaits at the downward-sloping 50-HMA of $23.78. Alternatively, a rejection at the 21-HMA could reinforce the bearish bias, calling for a retest of the falling trendline support. A breach of the last could trigger a fresh sell-off towards the $20 mark. Note that silver trades below all major moving averages on the hourly sticks, suggesting that the bulls to face an uphill task on the road to recovery. XAG/USD: Hourly chart XAG/USD: 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 WTI Price Analysis: Oil sellers face rejection below $39.30 for third straight day FX Street 2 years Silver bounced off key support on the hourly chart after the slump. Hourly RSI rebounds from the oversold region, points north. 21-HMA to challenge XAG/USD’s pullback from monthly lows. Silver (XAG/USD) paused its six-day losing streak, having hit fresh nine-week lows of $21.70 in early trades. The bears take a breather after the recent slump, mainly driven by the relentless strength in the US dollar across its main competitors. A flight to safety amid growing fears over coronavirus resurgence and its implications on the global economy bolstered the haven demand for the greenback. From a short-term technical perspective, the white metal… 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.