- XAG / USD is trading in a relatively tight range on Monday.
- The short-term technical outlook remains neutral with a slight bullish bias.
- The next key resistance for silver lines up at $ 26.60.
The pair XAG / USD It rose to its highest level since early March at $ 26.64 on Thursday and made a deep technical correction on Friday. At the start of the new week, silver appears to be having a hard time making a decisive move in either direction and was last seen gaining 0.5% on the day at $ 26.14.
Silver technical outlook
On the four-hour chart, the Relative Strength Index (RSI) indicator is moving sideways slightly above 50, suggesting that silver remains neutral with a slight bullish bias in the near term.
Initial resistance stands at $ 26.20, where the 23.6% retracement of the Fibonacci level from the last uptrend meets the 20-period SMA. If silver manages to close a four-hour candle above that level, it could target $ 26.40 (April 23 high) ahead of $ 26.60 (April 21 high).
On the downside, supports are at $ 26.00 (50-period SMA / psychological level), $ 25.90 (Fibonacci retracement 38.2% Fibonacci retracement) and $ 25.70 (Fibonacci retracement 50%).
Technical levels
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