- Silver bulls continue to be rejected at 50-HMA.
- Hourly RSI turns bearish, suggesting further decline.
- $ 26.05 could continue to limit the declines in XAG / USD.
money (XAG / USD) extends its bearish consolidation phase in a fourth straight session on Wednesday, carving a descending triangle on the hourly chart.
So far this week, price has formed lower highs, with bullish attempts capped by the bearish 50-hour simple moving average (HMA), currently at $ 26.53.
Meanwhile, buyers continue to find support near $ 26.05, the August 21 and 25 lows.
The hourly Relative Strength Index (RSI) turned south and cracked the midline, in the bearish region at 47.45.
Therefore, sellers aim for the daily low of $ 26.24 if 21-HMA support at $ 26.41 breaks. Further down, the aforementioned critical support at $ 26.05 will kick in.
On the upper side, a clearance of the 50-HMA barrier is needed to reverse the short-term bearish bias.
The 100-HMA hurdle at $ 26.73 will attract buyers, as they look to regain the $ 27 mark, where the horizontal 200-HMA meets.