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20 Oct 2022

Silver Price Analysis: XAG/USD battles with six-week-old support with eyes on $18.00

  • Silver price remains pressured around intraday low, down for the second consecutive day.
  • Bearish oscillators, U-turn from 61.8% Fibonacci retracement suggest XAG/USD’s further downside.
  • 10-DMA adds strength to the $19.00 upside hurdle, three-month-old support challenge sellers.

Silver price (XAG/USD) stays on the back foot at around $18.30 as bears attack the short-term key support line during Thursday’s Asian session. In doing so, the bright metal extends the previous day’s losses while approaching the weekly low.

Given the metal’s pullback moves from the 61.8% Fibonacci retracement level of September-October upside joining the bearish MACD signals and downbeat RSI (14), not oversold, the XAG/USD is likely to remain weak.

However, the RSI line is quickly approaching the oversold territory and the prices are also near the strong support zone comprising multiple levels marked since early July, around $18.00.

Even if the quote declines below $18.00, the yearly low near $17.55 could act as the additional downside filter for the bullion.

Hence, the silver bears have limited downside room to cheer.

On the flip side, the 10-DMA joins the 61.8% Fibonacci retracement level to highlight the $19.00 as a strong near-term resistance.

Following that, multiple hurdles near $19.15-20 may test the silver buyers before directing them to the $20.00 threshold.

In a case where XAG/USD stays firmer past $20.00, tops marked in August and earlier in the month, respectively near $20.90 and $21.25, will be in focus.

Silver: Daily chart

Trend: Limited downside expected

 

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