Silver Price Analysis: XAGUSD sticks to modest intraday gains, remains below $19.00 mark

Silver gains some positive traction on Wednesday, though lacks follow-through buying.
The bearish setup supports prospects for the emergence of fresh selling at higher levels.
Sustained strength beyond the $19.40-$19.50 region is needed to negate the bearish bias.

Haresh Menghani FXStreet

Silver edges higher on Wednesday, albeit lacking bullish conviction and remains below the $19.00 mark through the first half of the European session.

From a technical perspective, the XAG/USD, so far, has struggled to break through the 50-period SMA on the 4-hour chart. This makes it prudent to wait for strong follow-through buying before positioning for an extension of this week's bounce from the vicinity of a two-year low, around the $18.15 region touched last Friday.

Technical indicators, meanwhile, have just started gaining positive traction on the hourly charts, though remain deep in bearish territory on the daily chart. This, in turn, suggests that any further move up might still be seen as a selling opportunity and fizzle out rather quickly near the $19.40-$19.50 supply zone.

On the flip side, the $18.50 horizontal zone now seems to protect the immediate downside ahead of the YTD low, around the $18.15 region. This is closely followed by the $18.00 mark, which if broken decisively would be seen as a fresh trigger for bearish traders and pave the way for an extension of the recent downward trajectory.

The XAG/USD might then accelerate the slide towards the $17.45-$17.40 intermediate support en-route to the $17.00 round-figure mark. The bearish trend could further get extended and drag spot prices to the next relevant support near the $16.70-$16.60 region.

Silver 4-hour chart

Key levels to watch

XAG/USD

Overview
Today last price	18.85
Today Daily Change	0.10
Today Daily Change %	0.53
Today daily open	18.75

Trends
Daily SMA20	19.76
Daily SMA50	20.95
Daily SMA100	22.76
Daily SMA200	23.08

Levels
Previous Daily High	18.91
Previous Daily Low	18.58
Previous Weekly High	19.41
Previous Weekly Low	18.15
Previous Monthly High	22.52
Previous Monthly Low	20.22
Daily Fibonacci 38.2%	18.79
Daily Fibonacci 61.8%	18.71
Daily Pivot Point S1	18.59
Daily Pivot Point S2	18.42
Daily Pivot Point S3	18.26
Daily Pivot Point R1	18.91
Daily Pivot Point R2	19.07
Daily Pivot Point R3	19.24

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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