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9 Mar 2023

Silver Price Analysis: XAG/USD fades bounce off three-week-old support near $20.00

  • Silver price prints mild gains as it reverses from four-month low.
  • Short-term descending support line, oversold RSI adds strength to recovery.
  • Doji candlestick, 100-DMA challenge XAG/USD buyers amid sluggish moves.

Silver price (XAG/USD) picks up bids to rebound from the Year-To-Date (YTD) lows while printing mild gains around $20.00, up 0.18% intraday heading into Thursday’s European session.

In doing so, the bright metal bounces off a three-week-old descending support line, around $19.80 by the press time, amid an oversold RSI (14).

The XAG/USD rebound, however, appears elusive unless the quote stays below the previous day’s top surrounding $20.22.

That said, a clear upside break of $20.22 will defy the bearish candlestick formation and can propel the Silver price toward a late February swing low surrounding $20.45.

It’s worth noting, though, that the XAG/USD run-up beyond $20.45 needs validation from the $21.00 round figure and the 100-SMA hurdle of $21.15 to convince the buyers.

Meanwhile, pullback moves may retest the aforementioned support line, near $19.80. Following that, the $19.00 and November 2022 low surrounding $18.85 may entertain the Silver traders.

In a case where the XAG/USD bears keep the reins past $18.85, the previous yearly low surrounding $17.75, marked in September 2022, will be in focus.

Overall, the Silver bears appear running out of steam but the bulls have a long way to go before retaking control.

Silver price: Four-hour chart

Trend: Further downside expected

 

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