Silver Price Analysis: XAG/USD hangs near weekly low, seems vulnerable below $19.00 – by hareshmenghani Silver Commodities Technical Analysis XAGUSD
Looking at the broader picture, the recent recovery from over a two-year low, the $17.55 area faltered near a descending trend-line resistance earlier this week. A subsequent slide below the 50-day SMA and the $19.00 round figure suggests that the corrective bounce might have already run out of steam. Moreover, technicalon the daily chart, so far, have been struggling to gain any meaningful traction and are placed in negative territory.
From current levels, the $18.45-$18.40 region could act as strong immediate support. A convincing break below will make the XAG/USD vulnerable to accelerating the fall towards the $18.00 mark. Bears might eventually aim to challenge the YTD low, around the $17.55 area touched earlier this month. On the flip side, momentum back above the $19.00 mark now seems to confront resistance near the $19.25 region . Sustained strength beyond might trigger a short-covering rally and has the potential to lift the XAG/USD towards the next relevant hurdle, around the $19.65-$19.75 supply zone. The latter now coincides with a descending trend-line barrier extending from May monthly swing high. This is closely followed by the $20.
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