Silver Price Analysis: XAG/USD bulls looking to seize control near multi-week high – by hareshmenghani Silver Commodities Technical Analysis XAGUSD
The white metal, however, seemed to struggle to find bullish acceptance above the $19.50 horizontal resistance.
From a technical perspective, the overnight post-FOMC move beyond the $19.00 mark was seen as a fresh trigger for bulls. That said, oscillators on the daily chart - though have been recovering from the negative territory - are yet to gain any meaningful traction. This makes it prudent to wait for some follow-through buying beyond the aforementioned barrier before positioning for any further appreciating move.
The XAG/USD could then aim to conquer the $20.00 psychological mark. The said handle coincides with the 200-hour SMA on the 4-hour chart, which if cleared decisively would set the stage for additional gains. The subsequent short-covering move has the potential to lift spot prices to the next relevant hurdle near the $20.60-$20.65 horizontal zone. The momentum could further get extended towards the $21.00 round figure.
On the flip side, any meaningful pullback now seems to find decent support near the $19.00 level. Sustained weakness below would expose the $18.50 intermediate support. A convincing break below the latter would negate any near-term positive bias and make the XAG/USD vulnerable to retesting the YTD low, around the $18.15 region. Some follow-through selling below the $18.00 mark should pave the way for further losses.
The XAG/USD could then accelerate the downfall towards the $17.45-$17.40 support en-route to the $17.00 round-figure mark. The downward trajectory could further get extended and spot prices could eventually drop to test the next relevant support near the $16.70-$16.60 region.
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