Silver Price Analysis: Mildly offered inside weekly trading range near $20.00

• Silver price fades recovery inside one-week-old trading range between $19.80 and $20.50.
• Steady oscillators hint at continuation of the sideways move.
• 100-HMA guards immediate upside ahead of the double top at $20.51.

Silver price (XAG/USD) struggles to keep the rebound from a short-term trading range’s support as traders flirt with the $20.00 threshold during Thursday’s Asian session.

In doing so, the bright metal justifies the steady RSI and sluggish MACD that suggests further grinding of prices inside the $19.80-20.50 trading area.

That said, the 100-HMA level surrounding $20.15 appears to guard the quote’s immediate upside ahead of directing the XAG/USD buyers towards the $20.51 double top.

Should the silver prices cross the $20.51 hurdle, the odds of witnessing a run-up towards challenging the lows marked during June, near $20.65 and $20.90, can’t be ruled out.

In a case where XAG/USD rises past $20.90, the $21.00 may act as a buffer before highlighting June’s peak of $22.51.

Alternatively, pullback remains elusive beyond $19.80.

Even if the quote drops below $19.80, the 200-HMA level near $19.50 could test the silver bears.

It’s worth noting, however, that the XAG/USD weakness below $19.50 could help sellers to aim for a late July swing high near $18.90.

Silver: Hourly chart

Trend: Further recovery expected