Silver Price Analysis: Crosses 21-DMA to refresh 11-day top near $19.00

• Silver price picks up bids to renew daily top during the four-day uptrend.
• Previous support line from mid-July challenges immediate XAG/USD upside.
• MACD signals, 21-DMA breakout keeps buyers hopeful of challenging nine-week-old horizontal hurdle.

Silver price (XAG/USD) takes the bids to refresh a two-week high near $19.10 during the early Monday morning in Europe. In doing so, the bright metal crosses the 21-DMA while printing the four-day uptrend.

The 21-DMA breakout also takes clues from the bullish MACD signals to challenge the support-turned-resistance line from July 14, close to $19.15 at the latest.

It should, however, be noted that the XAG/USD bulls will need validation from a seven-week-old horizontal resistance area and a downward sloping resistance line from early May, respectively near $19.50 and $20.10, to retake control.

Meanwhile, pullback moves may initially aim for the 21-DMA level, surrounding $18.80, before aiming at the one-week-old support line near $18.45.

Following that, July’s low of $18.14 and the $18.00 threshold could test the XAG/USD bears.

In a case where the silver price remains weak past $18.00, the yearly low of $17.56, marked on September 01, will be crucial to watch.

Overall, XAG/USD is likely to witness short-term upside but the bulls are far from the throne.

Silver: Daily chart

Trend: Limited upside expected