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Silver Price Analysis: XAG/USD declines rebound off three-week-old support near $20.00

Daniel Rogers

Mar 09, 2023 13:53

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Silver price (XAG / USD) receives bids to rebound from the Year-to-Date (YTD) lows while printing modest gains around $20.00, up 0.18% intraday heading into Thursday's European session.

 

In doing so, the precious metal rebounds off a three-week-old descending support line, around $19.80 at the time of publication, accompanied by an oversold RSI (14).

 

The XAG / USD rebound, however, appears elusive unless the price remains below the previous day's high around $20.22.

 

However, a clear break above $20.22 will defy the bearish candlestick formation and could drive the Silver price toward a late-February swing low around $20.45.

 

It’s worth noting, though, that the XAG/USD run-up beyond $20.45 needs validation from the $21.00 round figure and the 100-SMA hurdle of $21.15 to persuade the purchasers.

 

Meanwhile, retracement moves may retest the aforementioned support line, near $19.80. Following that, the $19.00 and November 2022 low around $18.85 may entice Silver speculators.

 

The previous yearly low, which was set in September 2022, will be in focus if the XAG / USD bears maintain control above $18.85.

 

Ultimately, the Silver bears appear to be losing momentum, but the bulls have a long way to go before regaining control.

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