Silver price (XAG/USD) renews intraday low near $19.35 amid the initial hour of Thursday’s European session.

Silver has risen back above the crucial 61.8% retracement support of the whole 2020/21 upmove at $18.65/15, however, still maintains a large top below $21.39 and we hence expect further downside from here towards the $15.56 support from a technical analysis perspective

In doing so, the bright metal justifies the downside break of a weekly support line, now resistance around $19.60. Also keeping the bears hopeful are the downbeat MACD signals and the descending RSI (14), not oversold.

It should be noted, however, that the 100-HMA level near $19.30 tests the XAG/USD sellers before directing them to the $19.00 threshold.

Following that, the 200-HMA, close to $18.80 by the press time, could gain the metal bear’s attention.

On the flip side, a downward sloping resistance line from Monday, close to $19.65 at the latest, restricts the short-term rebound of the silver prices. Also acting as an upside filter is the $20.00 threshold.

In a case where the XAG/USD rises past $20.00, it could quickly rise towards the previous monthly top surrounding $20.90 and then to the $21.00 threshold.

To sum up, silver price returns to the bear’s table after the previous day’s failed attempt to lure buyers.

The XAG/USD daily chart illustrates the white metal as neutral-to-downward biased. However, if silver buyers reclaim the $20.00 mark, that could pave the way for a test of a four-month-old downslope trendline around $20.20 before reaching the 100-day EMA at $20.39. A breach of the latter will expose the August 15 cycle high at $20.87, ahead of the $21.00 psychological level.

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