Silver Price: XAG/USD Unable to Breach Key Barrier Toward March’s Highest Point Around $17.63 Level

XAGUSD Price Analysis – May 25

SILVER finished the previous week at $17.21 level, 3.57 percent higher. The pair is trading at $17.12 level in today’s session at the time of posting. During the session, the market managed to reverse as sellers took control early but may close the day beneath its opening price.

Key Levels
Resistance Levels: $18.94, $18.20, $17.63
Support Levels: $16.72, $16.39, $15.84

XAGUSD Long term Trend: Bullish
The pair is expected to find support at $16.72 level on the daily chart, and a decline in could lead it to the next level of support at $16.69. The pair is supposed to discover its initial level of resistance at $17.63, and a spike through might take it to the next level of resistance at $18.94 level.

The potential bias gives preference for short positions underneath the level at $17.63, with extended targets at $16.72 & $16.39 levels. In the alternative scenario well beyond the $17.63 level we look for an increased upside with an emphasis for $18.94 level & beyond as goals.

XAGUSD Short term Trend: Bullish
While the XAGUSD is trading close to 10-week highs beneath $17.63 resistance level as seen on the 4-hour time frame. That being said buyers may assume control but probably on a daily closing basis may need a continuous split beyond the stated level.

Potential upside targets are therefore near the $18.20 and $18.94 levels. Also on the flip side, retracements down may offer initial support close to the levels of $16.72 and $15.84. For investors the level to break is the $17.63 resistance as seen both on the short-term and long-term closing basis.

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