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- Silver Price Analysis: XAG/USD bears brace for a bumpy road to the south near $19.00
Silver Price Analysis: XAG/USD bears brace for a bumpy road to the south near $19.00
- Silver fades the previous day’s corrective pullback from two-year low.
- Doji candlestick above February 2020 high, oversold RSI challenge sellers.
- Bulls need validation from previous support line from February.
Silver Price (XAG/USD) retreats to $19.16, fading the corrective pullback from a two-year low, during Thursday’s Asian session. In doing so, the bright metal struggles to justify the previous day’s Doji candlestick, as well as oversold RSI (14) conditions.
However, the quote’s further downside is likely to witness multiple hurdles as the highs marked during February and January 2020, respectively around $18.95 and $18.85, could challenge the XAG/USD bears.
Even if the quote drops past $18.85, the June 2020 peak of $18.39 and late 2019 high surrounding $18.33 could test the sellers before directing them to the late 2020 bottom near $16.95.
On the contrary, recovery moves need to cross the support-turned-resistance line surrounding $19.55 to tease silver buyers.
Following that, an eight-day-old resistance line near $19.75 and the $20.00 round figure could challenge the XAG/USD recovery.
Should the metal prices rally beyond $20.00, the 21-DMA level of $20.85 and the previous monthly peak near $22.50 are likely to gain the market’s attention.
To sum up, silver prices remain pressured near the multi-month low but the downside appears to have limited room to the south.
Silver: Daily chart
Trend: Limited downside expected
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