Silver Price Analysis: XAG/USD pokes weekly hurdle near $19.50 as golden cross looms
|- Silver price grinds higher as buyers attack short-term key hurdle amid impending bullish moving average cross.
- Sustained bounce off 38.2% Fibonacci retracement, firmer RSI keep buyers hopeful.
- 61.8% Fibonacci retracement level, monthly high also tests further upside.
Silver price (XAG/USD) seesaws around $19.50 as buyers attack immediate resistance amid a looming bullish crossover during Tuesday’s Asian session. In doing so, the metal prices defend the previous day’s rebound from the 200-SMA while trying to keep buyers hopeful.
Successful trading beyond the key SMAs join firmer RSI (14), not overbought, to favor XAG/USD bulls as they attack one-week-old resistance around $19.60 by the press time.
As the 50-SMA inches closer to piercing the 200-SMA from below, the bulls are bracing for an upside past the immediate resistance. However, the monthly high near the $20.00 psychological magnet will be an extra challenge for the silver buyers to tackle before retaking control.
Following that, the previous monthly peak surrounding $20.90 and the $21.00 threshold will be in focus.
Alternatively, pullback moves need not only decline below the 200-SMA level surrounding $19.30 but should also remain below the $19.20 support comprising the 50-SMA to tease XAG/USD sellers.
Even so, the 38.2% Fibonacci retracement level of the August-September downside, near $18.80, could challenge the silver price downside.
Silver: Four-hour chart
Trend: Further upside expected
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