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- Silver Price Analysis: XAG/USD stays defensive above $19.00 as bears keep the reins
Silver Price Analysis: XAG/USD stays defensive above $19.00 as bears keep the reins
- Silver price remains mildly offered while staying between 200-SMA and 50-SMA.
- Downbeat oscillators, sustained break of weekly ascending trend line keeps bears hopeful.
- Bulls need validation from $20.00 to retake control.
Silver price (XAG/USD) struggles to defend $19.00 as it seesaws inside a 20-pip area comprising the key SMAs during Monday’s Asian session.
Even so, bearish MACD signals join downbeat RSI (14), not oversold, to keep the sellers hopeful.
Above that, the previous day’s downside break of a one-week-old ascending support line, now resistance around $19.65, also favors the XAG/USD bears.
Even if the quote rises past $19.65 hurdle, a seven-week-old horizontal resistance area near $20.00, will be crucial for the silver buyers to cross before taking control. Following that, a run-up towards the monthly high of $21.24 can’t be ruled out.
Alternatively, a downside break of the 50-SMA level of $19.10, could poke the $19.00 threshold before directing the bears towards the monthly bottom surrounding $18.10.
Following that, the $18.00 round figure and previous monthly low near $17.55 will be in the spotlight.
Silver: Four-hour chart
Trend: Further downside expected
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