Silver Price Analysis: XAG/USD bulls have the upper hand near 200-period SMA on 4-hour chart – by hareshmenghani Silver Commodities Technical Analysis XAGUSD
day on Monday. This also marks the sixth day of a positive move in the previous seven and lifts the white metal to over a two-week high, around the $19.30 area during the first half of the European session.
Last week's sustained 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 was seen as a key trigger for bulls. Furthermore, technicalon the daily chart have just started moving in the positive territory and remain supportive of the strong follow-through move up.
That said, RSI on hourly charts is already flashing overbought conditions and might hold back traders from placing fresh bullish bets around the XAG/USD. Hence, it is prudent to wait for some near-term consolidation or a modest pullback before positioning for any further appreciating move. The bias, meanwhile, still seems tilted firmly in favour of bullish traders.
A convincing breakthrough the $19.35-$19.40 hurdle will reaffirm the constructive outlook and allow the XAG/USD to accelerate the momentum towards reclaiming the $20.00 psychological mark. The next relevant resistance is pegged near the $20.25 horizontal zone, which if cleared should pave the way for additional gains.
On the flip side, the $19.00 round figure now seems to protect the immediate downside. Any further pullback might be seen as a buying opportunity and remain limited near the 100-period SMA on the 4-hour chart, around the $18.65-$18.60 region. This is followed by support near the $18.30 area. A convincing break below the latter will negate the near-term positive bias.
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