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Analysis of the Silver Price: XAG/USD retreats from the 10-DMA above $19.00

Alina Haynes

Sep 16, 2022 14:47

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Silver price (XAG/USD) oscillates between $19.15 and $20 early on Friday morning in Europe, fading the early Asian session rebound off the 10-day simple moving average.

 

The recent inactivity of the precious metal could be attributed to its inability to surpass the 50-day moving average, which was around $19.25 as of press time. Nonetheless, the bullish MACD indications and firmer RSI (14) provide optimism for the XAG/USD bulls.

 

However, a downward sloping resistance line from June around $19.90 appears to be a formidable obstacle for bulls.

 

The 100-day simple moving average level near $20.35 then functions as the final line of defense for XAG/USD bears before directing the market to the previous monthly peak near $20.90 and finally to the $21.00 threshold.

 

Alternately, pullback moves could initially target the 10-DMA support level of $18.90 before driving sellers to the multiple levels between $18.25 and $18.10.

 

In the event that silver sellers maintain control beyond $18.10, the $18.00 round number and the annual low near $17.55 will be in focus.

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