Silver Price Analysis: XAG/USD stays mildly bid around $18.50 inside weekly bullish channel

Silver price portrays a three-day uptrend inside a bullish chart formation.
Sustained trading beyond 200-HMA, firmer oscillators keep buyers hopeful.
Sellers need a clear downside break of $18.00 to retake control.

Anil Panchal FXStreet

Silver price (XAG/USD) remains firmer around an eight-day top, recently picking up bids to $18.60 during Friday’s Asian session. In doing so, the bright metal extends the run-up beyond the 200-HMA while staying inside an upward-sloping trend channel established since August 31.

The metal’s sustained trading beyond the key HMA, as well as trading inside the bullish channel, also justifies the firmer RSI (14), not overbought, to favor the buyers. Also suggesting the quote’s further upside is the impending bull cross on the MACD.

That said, the stated channel’s upper line near $18.70 appears to challenge the intraday buyers of the XAG/USD.

Following that, the 61.8% Fibonacci retracement level of August 26 to September 01 moves, near $18.75, will precede the $19.00 threshold to limit the metal’s upside moves before directing it to the August 26 swing high near $19.45.

Alternatively, a downside break of the 200-HMA, near $18.20 by the press time, could quickly drag the quote towards the aforementioned channel’s support line, at the $18.00 round figure. Also increasing the strength of the $18.00 support is the 23.6% Fibonacci retracement level.

Should the quote drops below $18.00, the yearly low of $17.56, marked earlier in the month, will be crucial to watch.

Silver: Hourly chart

Trend: Further upside expected

Additional important levels

Overview
Today last price	18.57
Today Daily Change	0.11
Today Daily Change %	0.60%
Today daily open	18.46

Trends
Daily SMA20	19.05
Daily SMA50	19.3
Daily SMA100	20.65
Daily SMA200	22.24

Levels
Previous Daily High	18.48
Previous Daily Low	17.85
Previous Weekly High	18.92
Previous Weekly Low	17.56
Previous Monthly High	20.88
Previous Monthly Low	17.94
Daily Fibonacci 38.2%	18.24
Daily Fibonacci 61.8%	18.09
Daily Pivot Point S1	18.05
Daily Pivot Point S2	17.63
Daily Pivot Point S3	17.42
Daily Pivot Point R1	18.68
Daily Pivot Point R2	18.89
Daily Pivot Point R3	19.31

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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