Silver Price Analysis: XAG/USD consolidates below descending trend-line/200-DMA confluence By HareshMenghani Silver Commodities Technical Analysis XAGUSD
Silver continued with its struggle to break through a confluence barrier near the $24.30-$24.35 area.A convincing break below an upward sloping channel is needed to negate the constructive outlook.seesawed between tepid gains/minor losses through the mid-European session and was last seen trading in the neutral territory, just above the $24.00 round-figure mark.
Given that the strong move up witnessed since the beginning of this month has been along an upward sloping channel, the bias seems tilted in favour of bullish traders. The positiveis reinforced by bullish oscillators on the daily chart, which are still far from being in the overbought zone. Sustained strength beyond will be seen as a fresh trigger for bullish traders and pave the way for a further near-term appreciating move. The XAG/USD might then surpass the key $25.00 psychological mark and accelerate the momentum towards November 2021 swing high, around the $25.40 region.
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