XAG/USD rally remains elusive below $19.50

  • Silver Price is taking bids to consolidate losses at two-year lows.
  • The last two days’ dojis are pointing to trader indecisiveness, the oversold RSI is signaling further recovery.
  • Five month old earlier support protects immediate upside, early 2020 outperforms probe bears.

Silver price (XAG/USD) revisits intraday high around $19.30 after showing sluggish moves for the past two days. Despite this, the bright metal remains below previous key support-turned-resistance during Friday’s Asian session.

It should be noted that the oversold RSI conditions are suggesting a further rally in the price towards the support line, which turned into resistance near $19.50 as of February.

However, the bearish MACD signals and the round figure of $20.00 could challenge further upside of the price.

It is worth noting that the May low of $20.45 is the main hurdle for silver buyers to regain control.

On the contrary, the highs marked in February and January 2020 of around $18.95 and $18.85 respectively could challenge the XAG/USD bears.

In a case where the price of silver falls below $18.65, the June 2020 high of $18.39 and the late 2019 high around $18.33 could challenge the sellers before collapsing to the late 2020 low at $16.95.

Overall, multiple dojis and mixed oscillators are showing XAG/USD traders’ confusion ahead of the important June US jobs report.

Silver: daily chart

Trend: recovery expected

Comments are closed.