XAGUSD Pair Buyers Look for Bullish Continuation

6 June 2021 | Updated: 6 June 2021

XAGUSD Price Analysis – June 6

After failing to profit from the weaker DXY on Friday, the XAGUSD saw some buying near the $27.00 mark. As buyers hunt for upside continuation, the pair is correcting but could be headed for a new high. As buying interest ramped up at the $27.22 level, silver is currently pushing up against the upside limit at the $28.00 level.

Key Levels
Resistance Levels: $30.13, $28.75, $28.32
Support Levels: $27.50, $27.00, $26.72
XAGUSD Long term Trend: Ranging
As a result of the buying interest around the $27.22 level, negative momentum has strengthened significantly. If buyers can push the price above the cloud and the resistance zone that has formed between $28.00 and $28.32, the price might swiftly test the nearby high of $28.90.

On the downside, first support might come from the $27.50-$27.00 range, and a conclusive violation of this long-term support zone could send the price crashing into the $26.72 and $26.00 lows, respectively. If the price follows the pattern, the metal’s bullish bias may be weakened, and bears may reclaim the lead.
XAGUSD Short term Trend: Ranging
Silver appears to be heading at a technical hurdle at the $28.00 level, as seen on the 4-hour chart. If the barrier holds, XAGUSD is anticipated to find support near the $27.50 level, thanks to a 4-hour moving average of 5, and return to extend gains against the US Dollar in the short term.

The upside range between $28.00 and $28.90 might be a viable upside target; in the meantime, bears are unlikely to win the market. A persistent break below, on the other hand, will be considered as the first symptoms of bullish tiredness, putting the pair at risk of testing the important $26.72 level.

Note: Learn2.Trade is not a financial advisor. Do your research before investing your funds in any financial asset or presented product or event. We are not responsible for your investing result

  • Broker
  • Benefits
  • Min Deposit
  • Score
  • Visit Broker
  • Fund Moneta Markets account with a minimum of $250
  • Opt in using the form to claim your 50% deposit bonus
$250 Min Deposit
9
  • 20% welcome bonus of upto $10,000
  • Minimum deposit $100
  • Verify your account before the bonus is credited
$100 Min Deposit
9
  • The Lowest Trading Costs
  • 50% Welcome Bonus
  • Award-winning 24 Hour Support
$200 Min Deposit
9
  • Award-winning Cryptocurrency trading platform
  • 14 Cryptoassets available to invest in
  • FCA & Cysec regulated
$200 Min Deposit
9.8

Highly volatile unregulated investment products. No EU investor protection.

  • Over 100 different financial products
  • Invest from as little as $10
  • Same-day withdrawal is possible
$100 Min Deposit
9.8
  • Trade top Cryptos such as Bitcoin, Litecoin and Ethereum plus more
  • Zero commissions and no bank fees on transactions
  • Around the clock service with support in 14 languages
$100 Min Deposit
8.5
  • Award-winning Cryptocurrency trading platform
  • $100 minimum deposit,
  • FCA & Cysec regulated
$100 Min Deposit
9.8
Share with other traders!

Azeez Mustapha

Azeez Mustapha is a trading professional, currency analyst, signals strategist, and funds manager with over ten years of experience within the financial field. As a blogger and finance author, he helps investors understand complex financial concepts, improve their investing skills, and learn how to manage their money.