Silver Price Analysis: XAG/USD crosses 5-DMA hurdle as bulls keep reins above $19.00

Silver price picks up bids to refresh weekly high after crossing short-term moving average.
RSI rebound, easing bearish bias of MACD adds strength to the XAG/USD recovery.
Convergence of 50-DMA, 38.2% Fibonacci retracement appears strong resistance.
Six-week-old ascending support line restricts immediate downside.

Anil Panchal FXStreet

Silver prices (XAG/USD) remain firmer at the weekly top as a clear upside break of the 5-DMA joins upbeat oscillators to favor bulls during Thursday morning in Europe.

Given the easing bearish bias of the MACD and the RSI recovery near the oversold territory, the bright metal’s latest breakout of the 5-DMA is likely to favor the bulls.

That said, the early August swing low, near $19.55, appears immediate resistance for the silver buyers to cross to justify the bullish momentum strength. However, a convergence of the 50-DMA and 38.2% Fibonacci retracement of the June-July downside, around $19.85, could challenge the XAG/USD bulls afterward.

Should the silver price remains firmer past $19.85, the odds of witnessing an upswing towards the monthly peak of $20.87 can’t be ruled out.

Alternatively, the 5-DMA and an upward sloping support line from mid-July, around $19.10 and $18.75 could challenge the short-term XAG/USD bears.

Following that, the yearly low marked in July at around $18.10 might lure the silver sellers.

Silver: Daily chart

Trend: Limited upside expected

Additional important levels

Overview
Today last price	19.3
Today Daily Change	0.19
Today Daily Change %	0.99%
Today daily open	19.11

Trends
Daily SMA20	19.99
Daily SMA50	19.88
Daily SMA100	21.33
Daily SMA200	22.51

Levels
Previous Daily High	19.23
Previous Daily Low	18.95
Previous Weekly High	20.88
Previous Weekly Low	19.03
Previous Monthly High	20.37
Previous Monthly Low	18.15
Daily Fibonacci 38.2%	19.06
Daily Fibonacci 61.8%	19.13
Daily Pivot Point S1	18.97
Daily Pivot Point S2	18.82
Daily Pivot Point S3	18.69
Daily Pivot Point R1	19.25
Daily Pivot Point R2	19.38
Daily Pivot Point R3	19.53

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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