XAGUSD Price Analysis – June 22
Silver (XAG) has charted a drastic shift as buyers take price further with the market sentiment reflecting a diminishing of fear among investors. Price recovered from the $17.63 range level and maybe hitting the previous highs this week, but traders should not expect a continuous run with some parts of the economy remaining locked.
Key Levels
Resistance Levels: $19.65, $18.94, $18.20
Support Levels: $17.63, $17.00, $16.72
XAGUSD Long term Trend: Bullish
On XAGUSD, a notable price uptrend has been confirmed and usually ends up accelerating the previous bullish move. Thus, it is known as a trend of bullish resumption. A daily close beyond the flag’s high end, presently at $18.20 level, is required to confirm the upward rebound.
Which may open the way to a level of $18.94 (target according to the method of averaged move). However, on the high side, silver may face opposition at level $18.20 (June 10 high) and level $18.37 (June 1 high).
XAGUSD Short term Trend: Ranging
Likewise, as observed on the 4-hour time frame, the potential of the bullish rebound resumption may weaken once sellers set a strong foothold beneath the $17.00 level, the low of the long-tailed candle formed on June 15. At the time of the posting, silver exchanges at $17.93 per ounce on the level.
The pair is supposed to find support at $17.63 level, and a decline through might take it to the next $17.25 support level. The pair is supposed to find its initial resistance at $18.20 level, and an upsurge over might take it to the next $18.37 resistance level.
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