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XAGUSD Price Analysis – May 16
At the end of the prior session, the white metal turned positive away from weekly lows of $26.72 and shot to two-day highs, around $27.48 level. XAGUSD trend appears to be stacked in favor of buyers, implying that further advances are likely. Following worse-than-expected US results, the dollar fell on Friday.
Resistance Levels: $30.13, $28.90, $27.92
Support Levels: $26.72, $25.50, $24.50
XAGUSD Long term Trend: Ranging
In terms of the technical context, the XAGUSD has been trending higher along an upward sloping moving average (MA 13) extending from Apr.13 lows around the $25.00 level. The recent pullback from the $30.13 yearly high stalled near the ascending trendline. The low around the daily ascending trendline at $23.78 could provide immediate support in the event of an unexpected decline.
Any further upward movement from current levels may face fierce opposition near the immediate horizontal level at $27.50. A valid breach beyond the $28.00 mark will drive the XAGUSD past the upside channel hurdle near the $28.32 supply zone, pressuring the prior tops. A steady step towards the February 1 highs may be possible if it breaks above the $27.50 mark.
XAGUSD Short term Trend: Ranging
Silver appears to be launching toward a significant technical barrier at the $27.50 mark, as seen on the 4-hour chart. If the barrier holds, XAGUSD is likely to find support near the $26.72 level thanks to a 4 hour moving average of 13 which seems to be a return to expand gains against the US Dollar in the short term.
The upside range between $28.00 and $30.00 may be a potential upside target; in the meantime, bears are unlikely to win the market. A sustained break below, on the other hand, can be seen as the first signs of bullish fatigue, putting the pair at risk of testing the $25.00 region.
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