Silver Price Analysis: XAG/USD rebound remains elusive below $19.50
- Silver Price picks up bids to consolidate losses at two-year low.
- Dojis in the last two days hint at traders’ indecision, oversold RSI signal further recovery.
- Five-month-old previous support guards immediate upside, early 2020 tops probe bears.
Silver Price (XAG/USD) renews intraday high around $19.30 after portraying sluggish moves in the last two days. Even so, the bright metal remains below the previous key support, now resistance, during Friday’s Asian session.
It should be noted that the oversold RSI conditions suggest the quote’s further recovery towards the support-turned-resistance line from February, near $19.50.
However, the bearish MACD signals and the $20.00 round figure may challenge the quote’s further upside.
It’s worth noting that the May month low of $20.45 act as the key hurdle for silver buyers to watch to retake control.
On the contrary, the highs marked during February and January 2020, respectively around $18.95 and $18.85, could challenge the XAG/USD bears.
In a case where the silver prices decline below $18.65, the June 2020 peak of $18.39 and late 2019 high surrounding $18.33 could challenge the sellers before directing them to the late 2020 bottom near $16.95.
Overall, multiple Dojis and mixed oscillators portray the XAG/USD traders’ confusion ahead of the key US jobs report for June.
Silver: Daily chart
Trend: Recovery expected
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.
