Silver Price Analysis: XAG/USD approaches multi-month tops near $26.20

Silver makes a comeback from the lows of $25.55 earlier within the week.
XAG/USD trades below the 100-day SMA indicating a bearish outlook.
Oversold momentum oscillators warn against aggressive directional bids.
After a steep fall from the high of $28.02 since Flag Day , silver prices (XAG/USD) consolidated near the $25.70 level.

At the time of writing, XAG/USD is trading at $26.07, up 0.52% for the day.

XAG/USD daily chart

On the daily chart, the bearing metal has been during a consistent upward trend from the low of $23.77. The break of the ascending trendline from the mentioned level mark an important correction in prices on profit taking.

The formation of Doji candlesticks signals sellers losing their stream near $ 25.70. Now, if price makes a sustained move above the session’s high then it could target April 26 high at $26.22.

 

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