silver price
Spot silver price was able to reverse the intraday losses to gain some ground deep in the New York session, following the lacklustre recovery of US bond yields that eventually fell apart. Silver price (XAG/USD) remains range-bound, as bulls continue to struggle to break beyond the $26.00 psychological barrier to the upside.
Driving silver price action is the state of the US Dollar after the dovish Fed comments of last week. Bond yields have not been a huge driver this week as price moves there have been narrow and volumes light.
With silver prices stalling at the $26 mark, buying momentum seems to be failing and this could usher the sellers into the fray. Silver price is up 0.47% as of the time of writing.
The upside in silver price has stalled after the three attempts to break the 26.034 resistance without success. Also, take note of the last three daily candles; they show progressively lower highs, further pointing to an apparent stall in upside momentum. This could lead to a retracement and pullback towards the 25386 support line, with 24.579 serving as an additional downside target.
On the other hand, a break of the 26.034 resistance and the channel’s upper border brings 26.325 into the picture as the immediate upside target. Additional targets to the north are seen at the 26.868 and 27.502 resistance levels.
