Silver continues to consolidate, with just minor increases.
Bulls are unable to rise forcefully above the $26.00 mark due to a lack of strength.
Aggressive directional bids should be avoided if momentum oscillators are oversold.
The price of silver (XAG/USD) makes multiple tries to rise but fails to maintain the upward momentum. Prices move in a very narrow trading band with little discernible movement.
The XAG/USD currency pair is now trading at $26.03, down 0.18 percent on the day.
The white metal is consolidating below the 61.8 percent Fibonacci retracement level, which stretches from the low of $24.68 on the daily chart. Following a significant drop on June 16, XAG/USD has been trading in a band of $25.70 to $26.30.
Price could continue to rise if it maintains a sustained move over the intraday high of $26.12. The initial aim was $26.29, which was reached on June 23.
The Relative Strength Index (RSI) for the 14-day period is at 22. Bulls would be able to take over the June 18 high in the $26.50 range if the RSI increased.
XAG/USD, on the other hand, would be motivated to break over the $27.00 horizontal resistance level.
Failure to hold the $26.00 level, or the earlier day’s low of $25.79, could entice bears to take action.
If the price closes below the stated level on a daily basis, the $25.45 horizontal support level will be reached, followed by the April 13 low of $24.68.
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