Silver Price Analysis: XAG/USD prints rising wedge on hourly chart

  • Silver prices ease from intraday high of $23.97.
  • Dwindling MACD signals, bearish chart pattern keep sellers hopeful.
  • Bulls need to cross last Tuesday’s top for fresh entries.

Silver prices drops to $23.85 during Monday’s Asian session. Even so, the white metal prints 0.50% intraday gains while keeping bounce off the support line of a short-term rising wedge bearish chart play.

The MACD histogram has been sluggish off-late while buyers fail to remain strong beyond $24.00. Hence, sellers are waiting for the confirmation of the rising wedge for fresh entries.

Other than the $23.72 support line, the 200-HMA level of $23.42 also acts as the near-term key support, a break of which will highlight the September 25 low near $22.40/45. However, bears will have to smash the September 24 top surrounding $23.35 for the same.

Meanwhile, an upside clearance of a three-day-old resistance line, at $24.25 now, will require a clear run-up beyond the September 29 high of $24.40 to recall the buyers.

Following that, the $25.00 threshold and the early September lows close to $25.80/85 will be in the spotlight.

Silver hourly chart

Trend: Pullback expected

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