• Silver price pokes 50-DMA as traders reverse latest gains.
  • Monthly support line adds to the downside filters.
  • MACD, RSI hints at receding bullish bias, $18.30 appears a tough nut to crack for sellers.

Silver price (XAG/USD) remains pressured around $19.30 while reversing the previous day’s upside momentum heading into Thursday’s European open. In doing so, the bright metal pokes the 50-DMA support while reversing from the downward-sloping resistance line from early June.

Not only the pullback from the key resistance line but the recent retreat of the RSI and the MACD line also keeps the XAG/USD sellers hopeful.

However, an upward sloping support line from September 01, around $19.20, could act as an extra challenge for the metal bears, in addition to the 50-DMA support of $19.30.

In a case where the quote breaks the $19.20 support, a quick fall towards the $19.00 can’t be ruled out.

Following that, a horizontal support area comprising multiple levels marked since mid-July, near $18.30-25, could act as the last defense of silver buyers.

Alternatively, recovery moves need to cross the aforementioned resistance line, at $19.90 by the press time, to convince buyers.

Even so, the monthly high near the $20.00 threshold and the previous month’s peak of $20.87 could challenge the XAG/USD upside afterward.

Silver: Daily chart

Trend: Further downside expected

Additional important levels

Overview
Today last price 19.36
Today Daily Change -0.21
Today Daily Change % -1.07%
Today daily open 19.57
 
Trends
Daily SMA20 18.86
Daily SMA50 19.28
Daily SMA100 20.24
Daily SMA200 22.09
 
Levels
Previous Daily High 19.92
Previous Daily Low 19.24
Previous Weekly High 20.02
Previous Weekly Low 18.78
Previous Monthly High 20.88
Previous Monthly Low 17.94
Daily Fibonacci 38.2% 19.66
Daily Fibonacci 61.8% 19.5
Daily Pivot Point S1 19.23
Daily Pivot Point S2 18.9
Daily Pivot Point S3 18.55
Daily Pivot Point R1 19.91
Daily Pivot Point R2 20.26
Daily Pivot Point R3 20.59

 

 

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