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- Silver Price Analysis: Rising wedge confirmation favor XAG/USD bears above $20.00
Silver Price Analysis: Rising wedge confirmation favor XAG/USD bears above $20.00
- Silver price remains pressured around one-week low, sidelined after two-day downtrend.
- 50-DMA challenges sellers after confirmation of the bearish chart pattern.
- Recovery remains elusive until the quote stays below 100-DMA.
Silver price (XAG/USD) stays defensive around $20.10-15 as bears take a breather after a two-day downtrend near the weekly low. In doing so, the bright metal flirts with the 50-DMA support during Wednesday’s Asian session.
Even so, the early-week confirmation of the rising wedge and the RSI retreat keeps sellers hopeful.
That said, the $20.00 threshold appears to be the immediate support for the XAG/USD bears to watch to retake control.
Following that, the mid-July low near $19.40 could probe silver’s downside before challenging the yearly low near $18.15.
Alternatively, a corrective pullback may aim for the support line of the stated wedge, at $20.65 by the press time, ahead of directing the XAG/USD buyers towards the latest swing high near $20.85.
It’s worth noting, however, that a convergence of the 100-DMA and the wedge’s upper line, close to $21.50-60, appears a tough nut to crack for the silver buyers to cross afterward.
In a case where the quote remains firmer past $21.60, the odds of its run-up towards June’s peak of $22.50 can’t be ruled out.
Silver: Daily chart
Trend: Further weakness expected
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