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Silver Price Analysis: Obstacles at the 200-SMA XAG/USD is bearish near $19.00

Alina Haynes

Oct 12, 2022 11:50

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Following a three-day downturn, the silver price (XAG/USD) stops the bearish momentum near a weekly low, as the 200-SMA and nearly oversold RSI (14) test bears. Nevertheless, the quotation fails to preserve the $19.00 mark throughout the Asian session on Wednesday.

 

In doing so, the precious metal draws cues from the negative MACD signals and illustrates the inability to overcome a weekly downward trend line.

 

In addition to the 200-day simple moving average level near $19.00, the 61.8% Fibonacci retracement level of the September-October uptrend near $18.95 also poses a challenge to the XAG/USD bearish.

 

If commodities prices go below $18.95, a decrease toward a support level established six weeks ago near $18.20 cannot be counted out.

 

Alternately, the rebound must surpass the weekly resistance line close to $19.50 in order to convince the short-term purchasers of silver.

 

Nonetheless, a one-month-old horizontal resistance level near $20.00 could provide a threat to the XAG/ascent. USD's

 

Overall, the silver price could have a corrective recovery, but the bearish trend will likely persist.


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