Silver Price Analysis: XAG/USD bulls now await a move beyond descending trend-line hurdle – by hareshmenghani Silver Commodities Technical Analysis XAGUSD
urrently placed just below a nearly four-week high touched the previous day and seems poised to prolong its recent recovery from the $17.55 area, or over a two-year low.on the daily chart have just started moving in the bullish territory and are still far from being in the overbought zone. That said, the overnight rejection by a descending trend line extending from the April swing high warrants some caution for aggressive bullish traders.
Hence, it will be prudent to wait for a convincing daily close above the trend line, currently at around the $19.75 mark before positioning for any further appreciating move. The XAG/USD might then climb to test the 100-day SMA, near the $20.45 region, before accelerating the move towards reclaiming the $21.00 round-figure mark.
Some follow-through buying has the potential to lift the XAG/USD towards the next relevant hurdle, around the $21.50 area. The upward trajectory could further get extended towards the $22.00 mark. This is closely followed by the very important 200-day SMA, around the $22.15 region, which should act as a strong barrier for the commodity.
On the flip side, any further slide below the daily low, around the $19.55-$19.50 area, now seem to find decent support near the $19.25 region, or the 50-day SMA. Any subsequent slide could be seen as a buying opportunity and remain limited near the $18.45-$18.40 support zone. A convincing break below the latter is needed to negate the positive bias.
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