Silver Price Analysis: XAG/USD bears keep $18.20 on radar despite latest rebound

Silver price snaps five-day losing streak while bouncing off fortnight low.
MACD, RSI suggest further recovery but the key SMAs challenge upside momentum.
Six-week-old support line lures the bears unless the quote rises past $19.50.

Anil Panchal FXStreet

Silver price (XAG/USD) prints the first daily gain in six while keeping the previous day’s rebound near $19.00 during early Friday morning in Europe. In doing so, the bright metal seesaws around the 61.8% Fibonacci retracement level of September-October upside, recently retreating from the intraday high.

It’s worth noting that the impending bull cross on the MACD and the RSI’s latest recovery from the oversold territory keeps the buyers hopeful. However, the 200-SMA and the 100-SMA challenge the metal’s short-term upside near $19.15 and $19.50 respectively.

Even if the XAG/USD rises past $19.50, the bulls will have a tough task crossing a one-month-old resistance area between $19.95 and $20.00.

Meanwhile, pullback moves may initially aim for the latest swing low surrounding $18.45 ahead of challenging an upward-sloping support line from September 01, close to $18.20.

Following that, $17.95 and the previous monthly low of $17.56 should lure the silver bear.

To sum up, XAG/USD remains on the bear’s table even if the prices witness a corrective bounce of late.

Silver: Four-hour chart

Trend: Further weakness expected

XAG/USD

Overview
Today last price	18.96
Today Daily Change	0.07
Today Daily Change %	0.37
Today daily open	18.89

Trends
Daily SMA20	19.49
Daily SMA50	19.36
Daily SMA100	19.89
Daily SMA200	21.83

Levels
Previous Daily High	19.31
Previous Daily Low	18.46
Previous Weekly High	21.24
Previous Weekly Low	19.01
Previous Monthly High	20.02
Previous Monthly Low	17.56
Daily Fibonacci 38.2%	18.79
Daily Fibonacci 61.8%	18.99
Daily Pivot Point S1	18.46
Daily Pivot Point S2	18.03
Daily Pivot Point S3	17.61
Daily Pivot Point R1	19.32
Daily Pivot Point R2	19.74
Daily Pivot Point R3	20.17

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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