XAGUSD Price Analysis – August 17
Silver (XAUUSD) consolidates the downside break started in the previous session as the price drops to $25.82 level. A caution flash to buyers implies the spot is primed for additional losses as the pair stays beneath $27.00 mark.
Key Levels
Resistance Levels: $30.00, $29.27, $28.15
Support Levels: $25.00, $23.78, $21.38
XAGUSD Long term Trend: Bullish
As shown on daily, the bears need a complete break underneath the $26.20-level and the ascending moving average of 13 support to cause a fresh sell-off toward the $26 mark. The next downside goal is set at a low of $23.44 level on August 12, which will be crucial to maintaining the bullish bias in the medium term.
On the flip side, for a higher leap, the bulls need validation beyond a range of robust levels of resistance positioned at around mid-$27. The area is the combination of a $27.15-$27.74 levels of horizontal resistance.
XAGUSD Short term Trend: Ranging
Besides, buyers may feel inclined to contest the recently revived multi-year high near $29.85 level on the nearby resistance line break at $27.74 level in the 4-hour time frame.
The pair is supposed to find support at $25.00 level, and a drop through may take them to the next level of support at $24.50. The pair is projected to reach its first level of resistance at $27.74, and a spike through may take it to the next level of resistance at $28.15.
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