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
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.
