Silver Price Analysis: XAG/USD rebound needs validation from $18.60 previous support

• Silver Price remains sidelined after bouncing off two-year low.
• Oversold RSI favors buyers but $19.10 appears a tough nut to crack.
• Support line of the short-term falling wedge restricts the immediate downside.

Silver Price (XAG/USD) struggles to extend corrective pullback from the lowest level since July 2020, taking rounds to $18.45 during Friday’s initial Asian session.

In doing so, the bright metal keeps the previous day’s rebound from a one-month-old falling wedge’s support line amid oversold RSI (14).

However, the support-turned-resistance trend line from May 13, around $18.60 by the press time, probes the XAG/USD buyers.

Also acting as the key hurdle is the convergence of the stated bullish chart pattern falling wedge’s upper line and the 10-DMA, near $19.10.

Should silver rises past $19.10, it can rally towards a downward sloping resistance line from April, close to $20.30.

Meanwhile, silver’s fresh declines may aim to retest the aforementioned wedge’s bottom, surrounding $18.00 by the press time.

Following that, lows marked during June 2020, around $16.95, will gain the market’s attention.

Overall, silver bears appear to have run out of steam but the buyers need validation to retake control.

Silver: Daily chart

Trend: Further weakness expected