Silver Price Analysis: XAG/USD bounces off 200-day SMA, struggles to hold above $26.00

• Silver continues to make consolidative moves with limited gains.
• Bulls lack the strength to move decisively above the $26.00 level.
• Oversold momentum oscillators warn against aggressive directional bids.

Silver Price (XAG/USD) makes several attempts to move higher but fails to hold onto the upside momentum. Prices move in a very narrow trading band with no meaningful traction. 

At the time of writing, XAG/USD is trading at $26.03, down 0.18% for the day.

XAG/USD daily chart

On the daily chart, the white metal consolidates below the 61.8% Fibonacci retracement level, which extends from the low of $24.68. After a sharp fall on June 16, XAG/USD continued to move in a trading range of $25.70 and $26.30.

If price makes sustained moves above the intraday high at $26.12, then it could continue to move higher. The first target could be found at the high of  $26.29 made on June 23.

The 14-day Relative Strength Index (RSI) indicator reads at 22. Any uptick in the RSI would allow bulls to take over the June 18 high in the vicinity of the $26.50 area.

That said, XAG/USD  would be motivated to capture the $27.00 horizontal resistance level.

Alternatively, failure to hold onto the $26.00 could bring bears into action, with the earlier day’s low of $25.79.

A daily close below the mentioned level would open the gates for the $25.45 horizontal support level,  followed by the low of April 13 at $24.68.

XAG/USD additional levels