Silver Price: XAGUSD Bounces off $17 in a Bid to Trade Sideways

XAGUSD Price Analysis – May 27

Silver is holding steady close to $17.05 level an ounce, marking a daytime increase of 0.50 percent, defending the psychological main threshold at $17.00 all through early morning trading. Although the price bounce is positive, the shiny metal also trades within the prior-day price range.

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

XAGUSD Long term Trend: Bullish
Silver earned 0.50 percent against the USD as shown on daily and posted an intra-day high at $17.28 level per ounce. The pair is trading at $17.05 level, with silver priced slightly higher from yesterday’s closing against the USD.

The pair is supposed to find support at $16.72 level, and a decline across might end up taking it to the next $16.39 support level. The pair is supposed to find its first resistance at $17.63 level, and a spike through might take them to the next $18.20 resistance level.

XAGUSD Short term Trend: Bullish
Silver is currently priced at close to $17.05 an ounce, holding a $17.00 psychological support level during nighttime trade. Bulls stay in control but will need a continuous breakthrough just beyond the level stated above.

Glancing, it might find potential target levels between the $17.25 and $17.63 levels. On the other side, down pullback may appear between the levels of $16.72 and $15.84. Although the price bounce is positive, the shiny metal still trades within the prior-day price range.

Note: Learn2.trade is not a financial advisor. Do your research before investing your funds in any financial asset or presented product or event. We are not responsible for your investing results