Silver Price Analysis: Bulls remain defensive below 20-day SMA

• Silver prints minimal losses following the previous day’s lull performance.
• XAG/USD eyes 200-day SMA as bulls gather momentum for the next upside.
• Momentum oscillator tilts in favor of the bullish bias.

Silver Price (XAG/USD) kick off the new trading week on a dull note. The prices rose sharply consecutively for two day’s while touching the low of $24.49 on Tuesday. 

At the time of writing, XAG/USD trades at $25.47, down 0.04% for the day.

XAG/USD daily chart

On the daily chart, the white metal has been under continuous selling pressure from the high of $28.28 made on June 11. XAG/USD took shelter near the multi-month low of $24.70.

If price breaches the 20-day Simple Moving Average (SMA) at $25.64, it could start moving higher. In doing so, the first upside target could be found at the $25.90 horizontal resistance level.

The Moving Average Convergence Divergence (MACD) indicator reads in the oversold zone with bullish crossover. Any uptick in the MACD would meet the next upside target at the $26.25 horizontal resistance level.

That said, XAG/USD bulls would be motivated by the high of July 16 at $26.45.

Alternatively, if price moves lower, it could retest the $25.25 horizontal support level.

XAG/USD bears would make the next move toward the low of July 29 of $24.94 followed by the $24.70 horizontal support level.

XAG/USD additional levels