Silver Price Analysis: XAG/USD extends pullback from $19.35 resistance confluence

Silver fades corrective pullback from yearly low, takes offers to renew daily bottom of late.
200-HMA, weekly descending trend line restricts short-term upside.
Nearby ascending trend line holds the key to mid-$18.00s.

Anil Panchal FXStreet

Silver (XAG/USD) remains pressured at around $19.15, reversing the previous day’s rebound during Thursday’s Asian session.

In doing so, the bright metal extends pullback from the 200-HMA and a one-week-old resistance line while refreshing the intraday low.

Given the impending bear cross of the MACD, the XAG/USD prices are likely to extend the latest weakness towards a three-day-old support line, near $18.90 by the press time.

Should the quote fails to rebound from $18.90, the recent multi-month low of $18.74 could offer an intermediate halt before directing the commodity bears towards the 61.8% Fibonacci Expansion (FE) of July 05-13 moves, near $18.50.

Alternatively, a clear upside break of the $19.35 resistance confluence could propel the silver prices towards the 50% Fibonacci retracement (Fibo.) of July 05-12 moves, at $19.47.

Following that, a run-up towards the July 05 peak of $20.20 can’t be ruled out.

That said, silver prices are likely to decline further to the lowest levels since the mid-2020s.

Silver: Hourly chart

Trend: Further weakness expected

Additional important levels

Overview
Today last price	19.17
Today Daily Change	0.24
Today Daily Change %	1.27%
Today daily open	18.93

Trends
Daily SMA20	20.5
Daily SMA50	21.29
Daily SMA100	23.04
Daily SMA200	23.17

Levels
Previous Daily High	19.2
Previous Daily Low	18.75
Previous Weekly High	20.2
Previous Weekly Low	18.92
Previous Monthly High	22.52
Previous Monthly Low	20.22
Daily Fibonacci 38.2%	18.92
Daily Fibonacci 61.8%	19.03
Daily Pivot Point S1	18.72
Daily Pivot Point S2	18.51
Daily Pivot Point S3	18.26
Daily Pivot Point R1	19.18
Daily Pivot Point R2	19.42
Daily Pivot Point R3	19.63

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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