Silver Price Analysis: XAG/USD defends multi-month support near $25.80

Silver consolidates near the $25.80 after a free fall from the $28.00 level.
XAG/USD is holding above 200-day SMA indicating emergence of support here.
Oversold momentum oscillators warn against aggressive directional bids.
Silver Price (XAG/USD) treads water within the Asian session. Prices move during a very close trading band with no meaningful traction.
At the time of writing, XAG/USD is trading at $25.89, down 0.02% for the day.
XAG/USD daily chart
On the daily chart, the bearing metal has been consolidating during a broader trading range of $27.00-$28-50, before breaking the range on June 16. XAG/USD tested the amount last seen in April.
If price makes sustained moves above the intraday high at $25.96, then it could still move higher. the primary target might be found at the previous day’s high at $26.29.
The Moving Average Convergence Divergence ( MACD) indicator holds onto the oversold zone with stretched selling conditions. Any uptick within the MACD would allow bulls to require over the $26.60 horizontal resistance level.

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