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- Silver Price Analysis: XAG/USD rebound needs validation from $18.60 previous support
Silver Price Analysis: XAG/USD rebound needs validation from $18.60 previous support
- Silver Price remains sidelined after bouncing off two-year low.
- Oversold RSI favors buyers but $19.10 appears a tough nut to crack.
- Support line of the short-term falling wedge restricts the immediate downside.
Silver Price (XAG/USD) struggles to extend corrective pullback from the lowest level since July 2020, taking rounds to $18.45 during Friday’s initial Asian session.
In doing so, the bright metal keeps the previous day’s rebound from a one-month-old falling wedge’s support line amid oversold RSI (14).
However, the support-turned-resistance trend line from May 13, around $18.60 by the press time, probes the XAG/USD buyers.
Also acting as the key hurdle is the convergence of the stated bullish chart pattern falling wedge’s upper line and the 10-DMA, near $19.10.
Should silver rises past $19.10, it can rally towards a downward sloping resistance line from April, close to $20.30.
Meanwhile, silver’s fresh declines may aim to retest the aforementioned wedge’s bottom, surrounding $18.00 by the press time.
Following that, lows marked during June 2020, around $16.95, will gain the market’s attention.
Overall, silver bears appear to have run out of steam but the buyers need validation to retake control.
Silver: Daily chart
Trend: Further weakness expected
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