Silver Price Analysis: XAG/USD bulls await breakout through descending trend-line hurdle

Silver once again fails ahead of a multi-month-old descending trend-line resistance.
The technical set-up favours bulls and supports prospects for an eventual breakout.
Weakness below the $18.80-75 region is needed to negate the near-term positive bias.

Haresh Menghani FXStreet

Silver meets with a fresh supply on Tuesday and remains on the defensive through the early European session. The white metal is currently trading near the daily low, just below the mid-$19.00s.

From a technical perspective, the XAG/USD has been oscillating in a familiar band over the past week or so. The range-bound price action points to indecision among traders over the next leg of a directional move. Moreover, the upside remains capped near a descending trend-line resistance extending from the May swing high.

The said barrier around the $19.75 area should act as a pivotal point and help determine the near-term trajectory for the XAG/USD. A convincing breakthrough will be seen as a fresh trigger for bulls and set the stage for an extension of the recent recovery from over a two-year low, the $17.55 region touched earlier this month.

Given that oscillators on the daily chart are holding with a mild positive bias, the XAG/USD might then aim to surpass the $20.00 psychological mark and test the 100-day SMA, near the $20.25 area. Some follow-through has the potential to lift spot prices beyond the $20.50 intermediate hurdle, towards the $21.00 round-figure mark.

On the flip side, the $19.00 mark might protect the immediate downside ahead of the $18.80-$18.75 zone, which if broken decisively will shift the near-term bias back in favour of bearish traders. The XAG/USD might then accelerate the downfall to the $18.45-$18.40 support before eventually dropping to the $18.00 round figure.

Silver daily chart

Key levels to watch

XAG/USD

Overview
Today last price	19.38
Today Daily Change	-0.18
Today Daily Change %	-0.92
Today daily open	19.56

Trends
Daily SMA20	18.82
Daily SMA50	19.26
Daily SMA100	20.31
Daily SMA200	22.11

Levels
Previous Daily High	19.66
Previous Daily Low	19.22
Previous Weekly High	20.02
Previous Weekly Low	18.78
Previous Monthly High	20.88
Previous Monthly Low	17.94
Daily Fibonacci 38.2%	19.39
Daily Fibonacci 61.8%	19.49
Daily Pivot Point S1	19.3
Daily Pivot Point S2	19.04
Daily Pivot Point S3	18.86
Daily Pivot Point R1	19.74
Daily Pivot Point R2	19.92
Daily Pivot Point R3	20.17

Author

Haresh Menghani

FXStreet

Haresh Menghani is a detail-oriented professional with 10+ years of extensive experience in analysing the global financial markets.

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