Silver Price Analysis: XAGUSD unable to hold above $19.00 mark
|- Silver spikes on Wednesday to $19.09, lacks follow-through buying.
- A steady and vulnerable XAUUSD not helping XAGUSD.
- Consolidation above $19.00 could trigger more gains, key resistance at $19.50.
Silver is marginally higher on Wednesday. It climbed to $19.09 but only to gave up all gains a few minutes later by pulling back to $18.80 during the American session.
The US dollar has stabilized, not helping metals. Also gold remains steady, and still looking vulnerable, near $1700/oz. A break under that psychological are could drag silver to the downside.
From a technical perspective, the XAGUSD remains unable to make a clear break of the $19.00 mark. The spike was taken as an opportunity to sell it. If price rises and holds above $19.00 it could strengthen for a test of the critical resistance area of $19.40-$19.50.
Technical indicators offer no clear signs. The RSI and Momentum are flat. Price is holding above the 20 Simple Moving Average in the four-hour chart and also above a short-term downtrend line. A slide under $18.75 should change the intraday bias to bearish. If XAGUSD drops further, the $18.55 zone emerges as the next support, followed by $18.45, the last defence to the year-to-day low near $18.15.
Silver 4-hour chart
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