Silver Price Analysis: XAG/USD steadily climbs to $19.00 neighbourhood, two-week high – by hareshmenghani Silver Commodities Technical Analysis XAGUSD
rks the fifth day of a positive move in the previous six and lifts the white metal to a two-week high, closer to the $19.00 mark during the first half of the European session.
This week's breakout through the top end of a nearly one-month-old descending channel and a subsequent strength beyond the 100-period SMA on the 4-hour chart is seen as a key trigger for bullish traders. This might have set the stage for additional near-term gains, though mixed oscillators on hourly/daily charts warrant some caution.on the daily chart - though have been recovering from the negative territory - as yet to confirm a bullish bias.
From current levels, any meaningful slide is likely to find decent support near the $18.60-$18.50 region ahead of the descending trend-channel breakpoint, currently around the $18.20-$18.15 zone. Some follow-through selling below the $18.00 mark will negate the positive bias and suggest that the corrective bounce has run out of steam.
On the flip side, momentum beyond the $19.00 round figure is likely to confront stiff resistance near the 200-period SMA on the 4-hour chart. The said barrier, currently around the $19.35 region, should now act as a key pivotal point. Sustained strength beyond will reaffirm the constructive outlook and pave the way for further upside.
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