Silver Price Analysis: XAG/USD fades rebound from 10-DMA above $19.00

Silver price remains sidelined after bouncing off 10-DMA.

Bullish MACD signals, firmer RSI keeps buyers hopeful but upside remains elusive below the descending resistance line from June.

Multiple supports to test bears before the yearly low.

Silver price (XAG/USD) seesaw around $19.15-20 during early Friday morning in Europe, fading the early Asian session bounce off the 10-DMA.

The bright metal’s latest inaction could be linked to the inability to cross the 50-DMA hurdle, around $19.25 by the press time. Even so, the bullish MACD signals and firmer RSI (14), keep the XAG/USD bulls hopeful.

That said, a downward sloping resistance line from June, around $19.90, appears a tough nut to crack for the bulls.

Following that, the 100-DMA level surrounding $20.35 acts as the last defense for the XAG/USD bears before directing the price towards the previous monthly peak near $20.90 and then to the $21.00 threshold.

Alternatively, pullback moves may initially aim for the 10-DMA support level of $18.90 before directing sellers towards the multiple supports around $18.25 and $18.10.

In the case where silver sellers keep reins past $18.10, the $18.00 round figure and the yearly bottom near $17.55 will be in focus.

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