Silver Price: Bulls Propel Price Beyond $27.00 Level Registering Multi-Year Highs

Silver Price: Bulls Propel Price Beyond $27.00 Level Registering Multi-Year Highs

XAGUSD Price Analysis – August 5

The white metal registered the highest level for 7 years, as bulls propel price beyond $27.00 mark during early day trading. Failures to progress past $27.15 levels, however, indicate a greater trend for the short term. Silver had another bullish session on Wednesday and now has a huge 48 percent year-to-date results.

Key Levels
Resistance Levels: $30.00, $28.15, $27.15
Support Levels: $25.00, $23.78, $21.38
XAGUSD Long term Trend: Bullish
Taking a look at the above chart, XAGUSD appears to have encountered some resistance at level $27.15. If there is to be a major correction then the previous wave high at the green resistance line could be an area of support at $26.20 level.

During the past, the same zone was a strong area of resistance and this time round might tend to mitigate losses. If the level drops, then at the next main horizontal support level there is another defense zone at $24.50 level.
XAGUSD Short term Trend: Bullish
The bulls are currently supporting an optimistic relative strength index trend on the 4-hour time frame to hit $27.15 level again in a second attempt to breach upside. The barrier zones at levels of $27.95 and $28.15 may, however, challenge the further upside of the commodity.

While $25.00 level is the main support to consider ahead of the primary horizontal support level close to $23.78 during the metal’s pullback. For a situation where the quote declines beneath the level of $23.78, the $21.38 support level might be in the limelight as a downside breach of the same may encourage the bears.

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 results

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