- Silver causes a rectangular break in the clubs per hour.
- Retail shopping frenzy cools, CME’s 18% margin weighs in.
- XAG looking at the $ 25 level in the middle of a bearish RSI.
La plata (XAG / USD) is seeing the “sell the bounce” strategy in play so far this Thursday, as the bulls continue to face rejection on each attempt to win back $ 27.
The bears are yearning for acceptance below the critical support of the horizontal trend line at $ 26.30, which would then confirm a breakout of the rectangle on the hourly chart.
Silver Price Chart: Hourly
The break to the downside could open room for a test of the target measured near $ 25.30, below which the $ 25 level could come into play.
The Relative Strength Index (RSI) is heading south below the midline, currently trading at $ 38.85, indicating there is more room to the downside.
Alternatively, recovering the 200 hourly moving average (HMA) at $ 26.51 would lead the XAG bulls to assume the HMA – 21 barrier at $ 26.74.
The next crucial hurdle awaits at $ 26.86, where the bearish HMA – 100 lies.
Additional levels of silver
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