Silver Price Analysis: XAG/USD wavers inside weekly symmetrical triangle below $25.00
- Silver fades bounce off 100-HMA amid no clear signals from MACD.
- Bulls and bears jostle within an area of 60 pips below $25.00.
Silver prices drop to $24.67, down 0.32% intraday, during early Tuesday. In doing so, the white metal fails to keep the recent U-turn from the 100-HMA while refreshing the intraday low.
Even so, the commodity stays inside a one-week-old symmetrical triangle amid no clear direction from either RSI or MACD.
As a result, the latest declines may retest the 100-HMA level of $24.43 before sellers attack the triangle support near $24.30.
Though, any downside past-$24.30 will not hesitate to challenge the $24.00 round-figure while the monthly low near $23.20 may gain market attention afterward.
On the contrary, an upside clearance of the triangle’s resistance, currently around $24.90, will have to cross the $25.00 threshold before directing the silver bulls to the monthly peak near $26.00.
Silver hourly chart
Trend: Sideways