Silver Price Analysis: XAG/USD trades with minor losses, bullish potential seems intact Silver Commodities Technical Analysis XAGUSD
The technical setup favours bullish traders and supports prospects for further gains.trades with a mild negative bias for the second successive day on Wednesday, though the lack of follow-through selling warrants some caution for aggressive bearish traders. The white metal manages to hold above the overnight swing low and hovers around the $24.80-$24.85 region during the early European session.
From a technical perspective, the downtick could be solely attributed to some profit-taking amid a slightly overbought Relative Strength Index on the daily chart. That said, this week's sustained move and acceptance above the $24.30-$24.40 strong horizontal barrier was seen as a fresh trigger for bulls. Moreover, the XAG/USD, so far, has managed to hold its neck above the previous YTD peak, around the $24.
Hence, any further pullback is likely to attract fresh buyers and remain limited near the $24.40-$24.30 resistance breakpoint, now turned support. The said area should now act as a pivotal point, which if broken decisively might prompt some technical selling and make the XAG/USD vulnerable to weaken below the $24.00 mark, towards testing the weekly low, around the $23.60-$23.55 area. The corrective decline could get extended further towards the $23.15 intermediate support en route to the $23.
Bullish traders, meanwhile, might now wait for some follow-through buying beyond the $25.10-$25.15 region, or a nearly one-year high touched on Wednesday, before placing fresh bets. The XAG/USD might then aim to surpass an intermediate barrier near the $25.35-$25.40 zone and reclaim the $26.00 round-figure mark for the first time since April 2022. The next relevant hurdle is pegged near the $26.20 area ahead of the $26.40-$26.50 region and the 2022 swing high, just ahead of the $27.
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