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- Silver Price Analysis: XAG/USD fades rebound from 10-DMA above $19.00
Silver Price Analysis: XAG/USD fades rebound from 10-DMA above $19.00
- Silver price remains sidelined after bouncing off 10-DMA.
- Bullish MACD signals, firmer RSI keeps buyers hopeful but upside remains elusive below the descending resistance line from June.
- Multiple supports to test bears before the yearly low.
Silver price (XAG/USD) seesaw around $19.15-20 during early Friday morning in Europe, fading the early Asian session bounce off the 10-DMA.
The bright metal’s latest inaction could be linked to the inability to cross the 50-DMA hurdle, around $19.25 by the press time. Even so, the bullish MACD signals and firmer RSI (14), keep the XAG/USD bulls hopeful.
That said, a downward sloping resistance line from June, around $19.90, appears a tough nut to crack for the bulls.
Following that, the 100-DMA level surrounding $20.35 acts as the last defense for the XAG/USD bears before directing the price towards the previous monthly peak near $20.90 and then to the $21.00 threshold.
Alternatively, pullback moves may initially aim for the 10-DMA support level of $18.90 before directing sellers towards the multiple supports around $18.25 and $18.10.
In the case where silver sellers keep reins past $18.10, the $18.00 round figure and the yearly bottom near $17.55 will be in focus.
Silver: Daily chart
Trend: Limited recovery expected
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