- Silver price is fading into the one-week trading range between $19.80 and $20.50.
- Stable oscillators suggest the continuation of the sideways movement.
- 100-HMA holds an immediate advantage ahead of the double top at $20.51.
The price of silver (XAG/USD) struggles to prevent a rebound from short-term trading range support as traders flirt with the $20.00 threshold in Thursday’s Asian session.
In doing so, the shiny metal justifies the steady RSI and slow MACD which suggest a fresh grind for prices inside the $19.80-20.50 trading zone.
That said, the 100-HMA level around $20.15 appears to shield the immediate move higher before directing XAG/USD buyers towards the double top of $20.51.
If silver prices break above $20.51, the chances of an acceleration towards challenging the lows seen in June near $20.65 and $20.90 cannot be predicted. excluded.
In a case where XAG/USD breaks above $20.90, the $21.00 can serve as a buffer before highlighting the June high of $22.51.
Alternatively, the withdrawal remains elusive above $19.80.
Even if the quote falls below $19.80, the 200-HMA level near $19.50 could test the silver bears.
It should be noted, however, that XAG/USD weakness below $19.50 could help sellers aim for a late July high near $18.90.
Silver: hourly chart
Trend: continuation of the expected recovery