Silver Price Analysis: XAG/USD extends pullback from $19.35 resistance confluence

• Silver fades corrective pullback from yearly low, takes offers to renew daily bottom of late.
• 200-HMA, weekly descending trend line restricts short-term upside.
• Nearby ascending trend line holds the key to mid-$18.00s.

Silver (XAG/USD) remains pressured at around $19.15, reversing the previous day’s rebound during Thursday’s Asian session.

In doing so, the bright metal extends pullback from the 200-HMA and a one-week-old resistance line while refreshing the intraday low.

Given the impending bear cross of the MACD, the XAG/USD prices are likely to extend the latest weakness towards a three-day-old support line, near $18.90 by the press time.

Should the quote fails to rebound from $18.90, the recent multi-month low of $18.74 could offer an intermediate halt before directing the commodity bears towards the 61.8% Fibonacci Expansion (FE) of July 05-13 moves, near $18.50.

Alternatively, a clear upside break of the $19.35 resistance confluence could propel the silver prices towards the 50% Fibonacci retracement (Fibo.) of July 05-12 moves, at $19.47.

Following that, a run-up towards the July 05 peak of $20.20 can’t be ruled out.

That said, silver prices are likely to decline further to the lowest levels since the mid-2020s.

Silver: Hourly chart

Trend: Further weakness expected