Silver Price Analysis: XAG/USD sellers have a bumpy road unless breaking $26.00

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  • Silver struggles to defy Friday’s pullback from $29.85.
  • Bullish MACD, key support lines favor the buyers.
  • Overbought RSI conditions suggest price consolidation.

Silver prices drop to $28.26, down 0.15% on a day, during Monday’s Asian session. Although the bears are cheering the white metal’s pullback from February 2013 top, bullish MACD and the key trend lines keep challenging the further downside.

However, the quote’s latest declines gains support from overbought RSI conditions, which in turn highlights an ascending support line from February 2020, at $26.80, as nearby rest-point.

During the metal’s further weakness past-$26.80, an upward sloping trend line from July 17, currently around $26.00, becomes the key as it holds the gate for the additional south-run targeting July 28 low near $22.30.

On the contrary, an upside clearance of $29.20 can renew the bullion’s run-up towards the $30.00 threshold.

In a case where the bulls manage to stay positive above $30.00, $30.30 and November 2012 bottom surrounding $30.65/70 could return to the charts.

Silver daily chart

Trend: Bullish

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