Silver Price Analysis: XAG/USD keeps bounce off three-month-old support line above $26.00

Silver costs waver round $26.80, up 0.90% intraday, throughout Monday’s Asian session. In doing so, the white steel maintains the jump off an ascending fashion line from November 30 regardless of current easing from $26.85.

Given the absence of overbought/oversold RSI conditions, coupled with the quote’s modern-day U-turn from the key assist line, silver fees are in all likelihood to continue to be directed closer to a 21-day SMA stage of $27.25.

During the rise, the $27.00 round-figure can also provide an intermediate halt whereas a descending fashion line from February 01, at $27.90 now, can query any similarly upside.

Alternatively, a draw back damage of 21-day SMA, presently round $26.50, will fetch the bullion returned to the mentioned aid line close to $26.20.

While the damage of a multi-day-old key aid will direct the metallic bears closer to the each year backside close to $24.20, the $26.00 and the $25.00 thresholds can act as buffers.

Overall, silver is comparatively more suitable than gold due to its industrial utilization amid the hopes of financial recovery.


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