XAG / USD buyers aim for $ 26.00 inside nearby descending corner
- Silver is reducing intraday gains in a bullish chart pattern.
- Normal RSI conditions, weekly support line encourage buyers to aim for 200-HMA.
- The multiple obstacle probe carries under the monthly bottom.
Silver prices hover around $ 25.80, up 0.18% during the day, despite the recent pullback on Wednesday morning. Although the white metal fades and bounces off the 10 week low posted on Monday, it remains above the weekly support line and inside a bullish chart formation known as the Descending Corner.
As RSI conditions also reject new bearish momentum, silver buyers may look for entries on the $ 25.95 bullish breakout, the confirmation point for the indicated uptrend.
After that, the late Thursday high around $ 26.50 and the 200-HMA near $ 27.00 are expected to return to the charts. However, early month lows around $ 27.30 may check the bulls afterwards.
Meanwhile, a breakout of immediate bearish support, close to $ 25.70, could refresh the multi-day low by targeting the lower line number of the $ 25.50 corner.
In the event that silver sellers hold the reins below $ 25.50, RSI conditions may challenge further decline to around $ 25.00 or near early March lows of $ 24.80.
Hourly silver chart
Trend: recovery expected