Silver’s comeback from weekly lows loses steam. Is it a dead cat bounce amid dollar retreat? $26.50 barrier is a tough nut to crack for the XAG bulls. Silver (XAU/USD) witnessed good two-way businesses so far this Wednesday, as volatility continues to play out amid fast-moving markets and dollar dynamics. The white metal, initially, extended Tuesday’s tumble from near 7.5-year highs above $29 and dropped as low as $23.43 before staging a V-shaped reversal towards late Asia. However, the rebound faltered, as the bears continue to guard the $26.50 level, which is the powerful confluence of the horizontal 200-hourly Simple Moving Average (HMA) and Fibonacci 50% Retracement (Fib) level of the recent correction. Acceptance above that level, the buyers will aim for the next barrier aligned around $27.25, where the 61.8% Fib level of the same fall coincides with the bearish 50-HMA. The hourly Relative Strength Index (RSI) has turned flat but remains below the midline, in the bearish territory, suggesting that the bears could likely extend control in the coming hours. To the downside, the 21-HMA at $25.35 appears to offer immediate cushion after the price tested the 23.6% Fib support at $24.86 in the last hour. 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 Malaysia: GDP seen contracting 18.5% in Q2 – UOB FX Street 2 years Silver’s comeback from weekly lows loses steam. Is it a dead cat bounce amid dollar retreat? $26.50 barrier is a tough nut to crack for the XAG bulls. Silver (XAU/USD) witnessed good two-way businesses so far this Wednesday, as volatility continues to play out amid fast-moving markets and dollar dynamics. The white metal, initially, extended Tuesday’s tumble from near 7.5-year highs above $29 and dropped as low as $23.43 before staging a V-shaped reversal towards late Asia. However, the rebound faltered, as the bears continue to guard the $26.50 level, which is the powerful confluence of the horizontal 200-hourly Simple Moving… 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.