Silver Price Analysis: XAG/USD battles with six-week-old support with eyes on $18.00

Silver price remains pressured around intraday low, down for the second consecutive day.
Bearish oscillators, U-turn from 61.8% Fibonacci retracement suggest XAG/USD’s further downside.
10-DMA adds strength to the $19.00 upside hurdle, three-month-old support challenge sellers.

Anil Panchal FXStreet

Silver price (XAG/USD) stays on the back foot at around $18.30 as bears attack the short-term key support line during Thursday’s Asian session. In doing so, the bright metal extends the previous day’s losses while approaching the weekly low.

Given the metal’s pullback moves from the 61.8% Fibonacci retracement level of September-October upside joining the bearish MACD signals and downbeat RSI (14), not oversold, the XAG/USD is likely to remain weak.

However, the RSI line is quickly approaching the oversold territory and the prices are also near the strong support zone comprising multiple levels marked since early July, around $18.00.

Even if the quote declines below $18.00, the yearly low near $17.55 could act as the additional downside filter for the bullion.

Hence, the silver bears have limited downside room to cheer.

On the flip side, the 10-DMA joins the 61.8% Fibonacci retracement level to highlight the $19.00 as a strong near-term resistance.

Following that, multiple hurdles near $19.15-20 may test the silver buyers before directing them to the $20.00 threshold.

In a case where XAG/USD stays firmer past $20.00, tops marked in August and earlier in the month, respectively near $20.90 and $21.25, will be in focus.

Silver: Daily chart

Trend: Limited downside expected

Additional important levels

Overview
Today last price	18.33
Today Daily Change	-0.13
Today Daily Change %	-0.70%
Today daily open	18.46

Trends
Daily SMA20	19.3
Daily SMA50	19.21
Daily SMA100	19.75
Daily SMA200	21.75

Levels
Previous Daily High	18.81
Previous Daily Low	18.37
Previous Weekly High	20.19
Previous Weekly Low	18.09
Previous Monthly High	20.02
Previous Monthly Low	17.56
Daily Fibonacci 38.2%	18.54
Daily Fibonacci 61.8%	18.64
Daily Pivot Point S1	18.28
Daily Pivot Point S2	18.1
Daily Pivot Point S3	17.84
Daily Pivot Point R1	18.73
Daily Pivot Point R2	18.99
Daily Pivot Point R3	19.17

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.

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