Silver Price Analysis: 100-HMA probes XAG/USD sellers on the way to $18.80
- Silver price takes offers to reverse the previous day’s gains.
- Clear break of one-week-old ascending trend line, bearish MACD signals favor XAG.USD sellers.
- Bulls need to cross the $19.65 hurdle to retake control.
Silver price (XAG/USD) renews intraday low near $19.35 amid the initial hour of Thursday’s European session.
In doing so, the bright metal justifies the downside break of a weekly support line, now resistance around $19.60. Also keeping the bears hopeful are the downbeat MACD signals and the descending RSI (14), not oversold.
It should be noted, however, that the 100-HMA level near $19.30 tests the XAG/USD sellers before directing them to the $19.00 threshold.
Following that, the 200-HMA, close to $18.80 by the press time, could gain the metal bear’s attention.
On the flip side, a downward sloping resistance line from Monday, close to $19.65 at the latest, restricts the short-term rebound of the silver prices. Also acting as an upside filter is the $20.00 threshold.
In a case where the XAG/USD rises past $20.00, it could quickly rise towards the previous monthly top surrounding $20.90 and then to the $21.00 threshold.
To sum up, silver price returns to the bear’s table after the previous day’s failed attempt to lure buyers.
Silver: Hourly chart
Trend: Further weakness expected
Author
Anil Panchal
FXStreet
Anil Panchal has nearly 15 years of experience in tracking financial markets. With a keen interest in macroeconomics, Anil aptly tracks global news/updates and stays well-informed about the global financial moves and their implications.
