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- Silver Price Analysis: XAG/USD recovery needs validation from $19.10
Silver Price Analysis: XAG/USD recovery needs validation from $19.10
- Silver price jumps back beyond 61.8% Fibonacci retracement, off from two-week low.
- RSI, MACD suggests further upside towards weekly resistance line.
- Convergence of 200-SMA, previous support line from early September challenge bulls.
- Sellers should break $18.30 before retaking the control.
Silver price (XAG/USD) extends recovery from a fortnight low to $18.55 during early Tuesday morning in Europe.
In doing so, the bright metal regains its place beyond the 61.8% Fibonacci retracement level of September 01-12 upside, after a brief fall the previous day.
Given the receding bearish bias of the MACD and the recently improving RSI (14) from the oversold territory, the XAG/USD prices are likely to approach a downward sloping resistance line from Friday, close to $18.70 at the latest.
However, a confluence of the 200-SMA and the support-turned-resistance line from September 01, close to $19.10, appears a tough nut to crack for the metal sellers.
If at all the silver price rallies beyond $19.10, the upside momentum won’t hesitate to challenge the monthly peak near $20.00.
Alternatively, the 61.8% Fibonacci retracement level of $18.50 acts as immediate support for the metal traders to watch for fresh impulse.
Also acting as the downside filter is the broad horizontal support around $18.30-35, established on August 30.
Silver: Four-hour chart
Trend: Limited recovery expected
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