Silver Price: The Bias Remains to the Upside for $18.37 Level Test After Recovering From Selling Pressure


XAGUSD Price Analysis – July 6

Silver (XAGUSD) indicates a strong, lower-price pattern that supports further upside. Since gaining some few pips higher today on low volume, the pair began the day at $18.04 level about 0.92 percent higher. Since regaining from the recent selling pressure at $17.76 level the upside traction continues for $18.37 level retest.

Key Levels
Resistance Levels: $19.65, $18.94, $18.37
Support Levels: $18.00, $17.63, $17.25
XAGUSD Long term Trend: Bullish
The pair is trading up to 0.92 percent higher on the daily chart after the open, the pair tended to spike up early in the session as bulls took charge and may exit the day beyond its opening level. The trend is bullish while beyond the $18.00 mark, indicating a medium- to long-term, intact uptrend.

Once the white metal can’t completely breach through the main level of technical resistance at $18.20 to reach the next level at $18.37, the market may exit beneath and retrace to the level of support at $17.63. Selling could escalate once the price shift beneath the $17.63 level swing low where more selling stops may be triggered.
XAGUSD Short term Trend: Bullish
Silver aimed to crack the lower boundary of the prior week’s neutral zone, but the efforts proved ineffective as the ascending trendline supporting the bulls once again protected the bears at $17.76 level. At the moment the short-term risk appears neutral-to-positive and there is a chance of another retest to the trendline.

The pair is supposed to find initial support at $18.00 level, and a decline through could take it to the next $17.76 support level. The pair is supposed to meet its initial resistance at $18.20 level, and a spike through may usher it to the next $18.37 resistance level.

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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.