Silver Price Analysis: XAG/USD stays above $18.50 inside weekly triangle

• Silver remains firmer inside a three-day-old symmetrical triangle.
• Firmer RSI, sustained trading above 50-HMA favor buyers.
• A two-week-old triangle formation adds to the trading filters.

Silver (XAG/USD) picks up bids to extend the previous day’s run-up towards the $19.00 during Wednesday’s Asian session, around $18.67 by the press time.

In doing so, the bright metal justifies the upside break of the 50-HMA amid firmer RSI (14), not overbought, inside an immediate triangle formation established since Monday.

That said, the quote’s further upside aim for the stated triangle’s resistance line, at $18.70 at the latest.

Should the XAG/USD cross the $18.70 hurdle, a two-week-old descending trend line near $18.85, will challenge the metal buyers before giving them control. It’s worth noting that the $19.00 may act as an extra challenge for the bulls.

On the contrary, the 50-HMA adds strength to the nearby triangle’s support at $18.55 and restricts the quote’s short-term downside.

Also acting as the key challenge for the XAG/USD bears is an upward sloping trend line from July 13, at $18.34 by the press time.

To sum up, silver consolidates recent losses inside a short-term triangle. However, the metal’s further upside appears limited unless crossing the $18.85 hurdle.

Silver: Hourly chart

Trend: Further upside expected