Silver Price: Technical Setup in Line With Bulls As XAGUSD Pumps Further Upside Past $22.50 Level

XAGUSD Price Analysis – July 22

Following the dramatic rebound seen since the start of the week, during European trading, Silver (XAUUSD) bulls are pricing in prospects for further uptrend. Its technical setup supports buyers to pump XAGUSD beyond $22.50 level. The appetite for a store of wealth strengthens silver which is supported in part by a rebound in global economic activity.

Key Levels
Resistance Levels: $25.00, $23.78, $22.83
Support Levels: $21.38, $20.43, $19.65
XAGUSD Long term Trend: Bullish
Looking at the silver chart we see that the present price is about twice what the record high was. The record-high was around $50 level. Which implies silver has far more space to go higher. The bulls may continue to gain support for as long as it retains at $20.38 level beyond the moving average of 5.

Silver has seen a dramatic spike higher over the past week and has now breached the main high level with ease at $19.65. This indicates that we are now setting a multi-year bottom as anticipated, with the next main test at $22.84 levels.
XAGUSD Short term Trend: Bullish
Next, a look at the peak of the 4-hour chart indicates the breaking of the upward trend line for the week.  Any drop to the level of $19.65 may discover buyers at the low. Regarding the latest consolidation, the ongoing spike has established a bull pennant formation, which is typically a bullish continuation trend.

Floating in the lower band of the overbought zone, the short-term Relative Strength Index ( RSI) signals there’s some room for more appreciation. At $21.38 level, the horizontal support line may restrict downside attempts.

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