Silver Price Analysis: XAG/USD struggles below 20-day SMA

• Silver continues to face downside pressure below the 20-day SMA.
• Additional gains possible if price decisively breaks above the $26.20 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 an upside bias. 

At the time of writing, XAG/USD is trading at $26.14, down 0.10% for the day.

XAG/USD daily chart

On the daily chart, the white metal consolidates below the 38.2% Fibonacci retracement level, extending from the low of $23.77. 

If price makes sustained moves above the intraday high at $26.19, then it could ditch the earlier day negative price moment. 

That said, the first target could be found at the 20-day Simple Moving Average (SMA) at $26.51.

The Moving Average Convergence Divergence (MACD) indicator holds onto the oversold zone with a neutral stance. Any uptick in the MACD would allow bulls to retest the $27.00 horizontal resistance level.

That said, XAG/USD would then aim for the 23.6% Fibonacci retracement level at $27.50.

Alternatively, if price moves lower then it could bring bears into action, with the earlier day’s low of $26.01.

A daily close below the mentioned level would open the gates for the $25.85 horizontal support level.

Multiple support formation near $25.85 makes it a crucial level to trade, a break would meet the next target at April 15 low at $25.32.

XAG/USD additional levels