Silver Price Analysis: Bounces off 200-day SMA, Struggles Above $26.00

Silver Price Analysis: Silver Price 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, silver price is trading at $26.03, down 0.18% for the day.

Silver Price Analysis

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, silver price 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.

Silver Price Analysis: 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, silver price 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.

Silver Forecast
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