XAG / USD remains under pressure near the $ 25.00 level, looks vulnerable

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  • Silver is struggling to capitalize on the positive move the day before to two-week highs.
  • The emergence of new selling near the $ 25.30 resistance zone favors the bears.
  • Bearish oscillators on the daily chart add credibility to the negative short-term outlook.

Silver has seen some selling during the first half of Wednesday’s trading action and has returned some of the positive move from the previous day to two-week highs. At the time of writing, the white metal remains just below the psychological level of $ 25.00, shedding 0.65% on the day.

XAG / USD has once again struggled to break through the $ 25.30 resistance zone and, for now, it appears to have halted its recent recovery move from yearly lows. The barrier mentioned now should act as a key point for investors and help determine the short-term trajectory.

Meanwhile, technical indicators on the daily chart are still in bearish territory and have just started to gain negative momentum on the 1 hour chart. Given repeated failures near the aforementioned barrier, the setup supports prospects for further losses.

From current levels, weekly lows around the $ 24.60 region now appear to defend the immediate decline. Some continuation selling could now accelerate the decline towards the round 24.00 level before XAG / USD finally drops to the $ 23.80-75 region (yearly lows).

On the other hand, the bulls are likely to wait for a sustained move above the hefty $ 25.30 barrier before positioning for further gains. The XAG / USD could break through intermediate resistance near the $ 25.55-60 region and aim to regain the $ 26.00 level.

Silver 4 hour chart

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Silver technical levels

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