Silver Price Analysis: XAG/USD flirts with daily high, upside potential seems limited

Silver attracts some buying on Monday and snaps a six-day losing streak to a two-week low.
Bearish oscillators on short-term charts warrant caution before positioning for further gains.
Sustained strength beyond the $20.00 mark is needed to negate the near-term negative bias.

Haresh Menghani FXStreet

Silver gains some positive traction on the first day of a new week and moves away from over a two-week low, around the $18.00 mark touched on Friday. The white metal maintains its bid tone heading into the European session and is currently flirting with the daily peak, near the $18.50-$18.45 region.

The XAG/USD, for now, seems to have snapped six straight days of a losing streak and stalled its recent sharp rejection slide from the 200-day EMA, or its highest level since late June. Any subsequent move up, however, is likely to confront stiff resistance near the $18.90-$19.00 area, which should act as a pivotal point for intraday traders.

Sustained strength beyond might trigger a short-covering rally and lift the XAG/USD back towards the $19.70-$19.80 supply zone. Meanwhile, oscillators on the daily chart have just started drifting into negative territory. Moreover, bearish technical indicators on the 4-hour chart warrants caution before positioning for further gains.

That said, some follow-through buying beyond the $20.00 psychological mark will negate any near-term negative outlook and pace the way for a further near-term appreciating move. The XAG/USD might then climb to the $20.50 intermediate resistance en route to the $21.00 round figure and the 200-day EMA, currently around the $21.15 region.

On the flip side, the $18.00 mark now seems to have emerged as immediate strong support, which if broken decisively will be seen as a fresh trigger for bearish traders. The next relevant support is pegged near the YTD low, around the $17.55 area touched in September, below which the XAG/USD could slide to test the $17.00 round figure.

Silver daily chart

Key levels to watch

XAG/USD

Overview
Today last price	18.48
Today Daily Change	0.18
Today Daily Change %	0.98
Today daily open	18.3

Trends
Daily SMA20	19.43
Daily SMA50	19.33
Daily SMA100	19.85
Daily SMA200	21.81

Levels
Previous Daily High	19.08
Previous Daily Low	18.09
Previous Weekly High	20.19
Previous Weekly Low	18.09
Previous Monthly High	20.02
Previous Monthly Low	17.56
Daily Fibonacci 38.2%	18.47
Daily Fibonacci 61.8%	18.7
Daily Pivot Point S1	17.9
Daily Pivot Point S2	17.5
Daily Pivot Point S3	16.91
Daily Pivot Point R1	18.89
Daily Pivot Point R2	19.48
Daily Pivot Point R3	19.87

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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