Silver Price Analysis: XAG/USD stuck in range below $27.50 ahead of Powell

• Silver bulls continue to face rejection at 50-HMA.  
• Hourly RSI turns bearish, suggesting more downside.
• $26.05 could continue to limit the declines in XAG/USD.

Following a staggering $1.5 rally seen on Wednesday, Silver (XAG/USD) trades choppy so far this Thursday, although remains trapped within a 50-cents range below $27.50.

From a short-term technical perspective, the white metal fell as low as $26.92 in the Asian trades, piercing through the horizontal 200-hourly Simple Moving Average (HMA), then at $27.02.

The price, however, quickly recaptured the 200-HMA, forming higher lows on the hourly chart since then.

At press time, the spot is trading well above the bullish 21-HMA at $27.23, looking to retest the horizontal trendline resistance placed at $27.53.

Acceptance above the latter could open doors for a test of the multi-year highs beyond $29.

On the flip side, a break below the 200-HMA could trigger a sharp decline towards the next relevant support at $26.75, the confluence area of the 50 and 100-HMAs.

Sellers will then target Wednesday’s high of $26.09 should the downside pressure intensify.

XAG/USD: Hourly chart

XAG/USD: Additional levels