- Silver price continues to trade below the $25.00 figure as support takes hold around $24.80.
- XAG/USD has been trading sideways, bracing around the 20-day EMA at $24.70 for the last three days.
Silver price trends downwards for the third straight day, though it stays above the 20-day Exponential Moving Average (EMA) after dipping to a daily low of $24.51. At the time of writing, the XAG/USD is trading at $24.81, below its opening price by 0.25%.
XAG/USD Price Action
The XAG/USD is trading sideways, as it has been since April 18. Also, the Relative Strength Index (RSI), after bolstering the XAG/USD towards its YTD high of $26.08, has retreated, aiming towards the neutral area, as sellers continue to enter the market, as XAG/USD so far had failed to crack the 20-day EMA at $24.70. if XAG/USD sellers break below the latter, the next support would be a downslope resistance trendline, turned support, drawn from January highs, that passes around $24.20-30, ahead of posing a challenge to the $24.00 figure.
On the flip side, the XAG/USD first resistance would be the April 25 daily high at $25.23, followed by the April 20 cycle high at $25.49. The next resistance remains the YTD high at $26.08, followed by the last year’s high at $26.94.
XAG/USD Daily Chart
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- Source: https://www.fxstreet.com/news/silver-price-analysis-xag-usd-falls-but-remains-capped-by-the-20-dma-at-2470-202304271626
