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According to our Silver Price Analysis, the relative strength indicator points XAG/USD bulls toward $20,000

Daniel Rogers

Aug 18, 2022 11:28

 截屏2022-07-29 上午11.05.40.png

 

A three-day decline in silver price (XAG/USD) is broken by a corrective pullback around $19.85. Thus, the precious metal has recovered from a two-week low during Thursday's Asian session.

 

The nearly oversold RSI conditions appear to be a catalyst for the metal's recovery. But for now, the XAG/USD bulls have their sights set on the $20 area, where the 100-SMA and the weekly resistance line meet.

 

After that, however, the 23.6% Fibonacci retracement of the July-August upswing and the early August swing high, both around $20.25 and $20.50, may test the metal purchasers.

 

If the XAG/USD pair can maintain its strength above $20.50, we might see a test of the current monthly high, which is above $20.90.

 

Conversely, $19.50 is being highlighted as strong support due to the confluence of many levels noted since early July, the 200-day simple moving average, and the 50% Fibonacci retracement level. The subsequent levels that could entice bullion bears are $18.90 and July's low of $18.14.

 

Even though silver prices may rise in the near future, a sustained uptrend is still some way off.

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