Bearish chart patterns favor sellers and Downbeat MACD Conditions.
To reject bearish bias, Bulls must break the 50-HMA.
Silver (XAG/USD), prices remain at a low level of $25.70 per day, falling over 1.0% intraday while it prepares for its first negative week in six during Friday’s Asian session.
Bearish bias is based on MACD and the looming bear cross, which lies between the MACD line & the signal line. The failure to cross 50-HMA will also favor the downside of the quote.
The XAG/USD price charts depict a Head-and–Shoulders chart formation (H&S), on the hourly plays, which teases the bears.
However, a clear downside break at the neckline (around $25.30) will confirm the H&S formation. This can lead to a quote in the mid-$23.00s. The $25.00 threshold could offer an intermediate halt in the fall.
To recall the bulls of XAG/USD, recovery moves must be made to the 50-HMA area around $25.95. A break of this level could lead to the metal moving towards its monthly high at $26.95.
If silver prices are firmer than $26.95 and also surpass the $27.00 threshold buyers can target June 2021 highs of $28.55.
