Silver Price: Growing Trend in View As XAGUSD Propels Past $19.00 Level

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Azeez Mustapha

Updated: 13 October 2022

XAGUSD Price Analysis – July 13

After the beginning of July, Silver has been appreciating against the US Dollar within a growing trend that is now beyond the level of $19.00 in view. XAGUSD retains a healthy upside impact while it has recently marginally pulled back to $18.50 level.

Key Levels
Resistance Levels: $20.50, $19.65, $19.17
Support Levels: $18.37, $18.00, $17.63
XAGUSD Long term Trend: Bullish
Silver price remains above its daily moving average of 5 and 13 while the daily RSI has begun to grow in bullish territory, rising back to overbought territory. The conditions for a bullish breakout are set toward the $20.00 area from the $19.17 level.

The longer-term bullish acceleration trend may dramatically boost should a bullish breakout occur at $19.17 level beyond the recent highs. The inability to break through resistance might see the pair heading back to support level at $18.37. Moreover, the start of the decline in Silver’s price may initiate a potential target beneath the ascending trendline.
XAGUSD Short term Trend: Bullish
From a technical viewpoint, a breakout is projected to persist during the subsequent trading sessions. In this scenario, the exchange rate of XAGUSD might get support at $18.37 from the horizontal support level.

The pair is supposed to find its initial support at $18.94 level, and a decline through might take it to the next $18.37 support level. The pair is projected to reach its first level of resistance at $19.17, and a spike through might take it to the next level of resistance of $19.65.

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