Silver Price Analysis: XAG/USD sticks to modest gains near $26.00 mark, bearish bias remains

Silver constructed on the preceding session’s goodish rebound from three-day lows and edged greater via the Asian session on Monday, albeit lacked any sturdy follow-through. The commodity used to be remaining viewed buying and selling round the $26.00 mark, up round 0.60% for the day.

From a technical perspective, the XAG/USD, so far, has been struggling to capitalize on the uptick past the 100-period EMA on the 4-hourly chart. This, alongside with the formation of a bearish flag sample on the noted chart, favours bearish traders.

Meanwhile, technical indications on hourly charts have been gaining some advantageous traction. That said, oscillators on the day by day chart have simply started out drifting into the bearish territory and warrant warning earlier than positioning for any significant upside.

However, it will nonetheless be prudent to wait for a convincing damage under the trend-channel support, presently close to the $25.60 place earlier than positioning for any in addition slide. The XAG/USD would possibly then speed up the fall toward the key $25.00 psychological mark.

Some follow-through promoting beneath month-to-month swing lows, round the $24.85-80 place must pave the way for a similarly decline. The downward trajectory has the practicable to drag the XAG/USD closer to the very necessary 200-day SMA support, presently round the $24.00 mark.

On the flip side, instantaneous resistance is pegged close to the $26.30 place (100-period SMA on the 4-hourly chart). A sustained energy past may set off a short-covering go and push the XAG/USD toward the channel resistance, round the $26.70-75 region.

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