Silver Price Analysis: XAG/USD bulls aim to refresh multi-year high above $26.00
- Silver prices pick up the bids following early-Asia pullback from April 2013 high.
- Bullish MACD, sustained trading beyond $25.00 immediate support favor buyers.
- Ascending triangle support, 200-bar EMA restrict near-term downside.
Silver prices trim initial losses while rising to $26.00, down 0.09% on a day, ahead of the European session on Wednesday. The white metal refreshed highest since April 13, 2013, during the early day’s trading. However, failures to rise past-$26.30 portrays a short-term rising triangle.
The bulls currently cheer upbeat MACD signals to again attack $26.30 in search of April 04, 2013 bottom surrounding $27.10. However, $27.95 and $28.00 could question the commodity’s further upside.
Meanwhile, $25.00 becomes immediate support to watch during the metal’s pullback ahead of the triangle support near $23.80.
In a case where the quote slips below $23.80, a 200-bar EMA level of $21.00 will be in the spotlight as a downside break of the same could recall the bears.
Silver four-hour chart