XAGUSD Price Analysis – July 29
Silver (XAUUSD) began a fresh week higher after a brief upside consolidation seen in the weekly closing, further on Monday with a bang reaching fresh 6.5-year highs amid the gold rally. XAG buyers are gathering momentum to a level of $30.00 holding the upsurge in the near term.
Key Levels
Resistance Levels: $30.00, $28.15, $26.20
Support Levels: $23.78, $22.83 $21.38
XAGUSD Long term Trend: Bullish
The price broke out of the horizontal resistance level at $25.00 on the daily chart and nearly hit the target range beyond $26.00 mark. The bulls are now taking a breather, as the Relative Strength Index ( RSI) in the overbought area has outweighed.
To the downside, any corrective slides might test the resistance-turned-support trend at a level of $22.83, where the last daily confluence area occurred. Further south, the horizontal trend support of the moving average 13 at $21.38 level may give the bulls some respite.
XAGUSD Short term Trend: Bullish
Gold broke out decisively to the upside earlier on Monday, hitting a high $26.20 mark as bears ran for cover. Despite a minor correction, XAGUSD is currently trading at $24.40 level, but up 0.80 percent on the day. Regardless of this incredible rally, the lofty price of $30 appears within range.
The pair is supposed to find support at the level of $22.83 and a decline through would take it to the next level of $20.43 in support. The pair is supposed to meet its initial resistance at $26.20 level, and a surge through might take it to the next $28.15 resistance level.
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