Silver Price Consolidates Near $22.75, Triangle Pattern Forming

  • The price of silver (XAG/USD) is experiencing a lack of momentum, consolidating around 430 South African Rand.
  • The silver price failed to extend its upside breakout of the 50-day SMA, retreating within a two-week-old symmetrical triangle pattern.
  • The triangle's upper boundary poses a challenge to the silver price's upside, while the breakout of the 50-day SMA and bullish MACD signals provide hope for buyers.

Silver Price (XAG/USD) fades the previous day’s upside momentum as it treads water around 430.17 South African Rand amid the early hours of Monday’s Asian session. In doing so, the XAG/USD fails to extend Friday’s upside break of the 50-SMA while retreating within a two-week-old symmetrical triangle.

Although the top line of the stated triangle challenges the Silver Price upside, the quote’s 50-SMA breakout joins the bullish MACD signals to keep buyers hopeful unless the prices break the immediate SMA support of around 427.23 South African Rand.

Even if the quote breaks the stated SMA support, the bottom line of the immediate triangle, close to 420.49 South African Rand at the latest, will challenge the Silver Price sellers before giving them control.

Following that, lows marked during the last March and the last week, around 418.26-10 South African Rand, will precede the 412.32 South African Rand round figure to challenge the XAG/USD bears before directing them to the early March swing high of around 400.87 South African Rand.

On the flip side, a clear break of the stated triangle’s top line, close to 431.40 South African Rand, will quickly propel the Silver Price towards the 12-day-old horizontal resistance around 437.46 South African Rand. Also acting as the short-term upside hurdle is the 100-SMA level of near 439.19 South African Rand.

In a case where the Silver Price remains firmer past 439.19 South African Rand, the odds of witnessing a run-up toward the monthly high of 462.34 South African Rand can’t be ruled out.`

Visited 1 times, 1 visit(s) today

Stay ahead in the financial world – Sign Up to Rateweb’s essential newsletter for free. Get the latest insights on business trends, tech innovations, and market movements, directly to your inbox. Join our community of savvy readers and never miss an update that could impact your financial decisions.

Do you have a news tip for Rateweb reporters? Please email us at


Start trading with a free $30 bonus

Trade stocks, forex, commodities, metals and CFDs on stock indices with an internationally licensed and regulated broker. For all clients who open their first real account, XM offers a $30 trading bonus without any initial deposit needed. Learn more about how you can trade over 1000 instruments on the XM MT4 and MT5 platforms from your PC and Mac, or from a variety of mobile devices.


Personal Financial Tools

Below is a list of tools built to assist South Africans to make the best financial decisions:



South Africa’s primary source of financial tools and information

Contact Us


Rateweb strives to keep its information accurate and up to date. This information may be different than what you see when you visit a financial institution, service provider or specific product’s site. All financial products, shopping products and services are presented without warranty. When evaluating offers, please review the financial institution’s Terms and Conditions.

Rateweb is not a financial service provider and should in no way be seen as one. In compiling the articles for our website due caution was exercised in an attempt to gather information from reliable and accurate sources. The articles are of a general nature and do not purport to offer specialised and or personalised financial or investment advice. Neither the author, nor the publisher, will accept any responsibility for losses, omissions, errors, fortunes or misfortunes that may be suffered by any person that acts or refrains from acting as a result of these articles.