Silver Price: XAGUSD Bulls Gather Traction Towards the Level at $25.0 in Biggest All-Time Advance

Silver Price: XAGUSD Bulls Gather Traction Towards the Level at $25.0 in Biggest All-Time Advance

XAGUSD Price Analysis – July 27

Silver (XAUUSD) began a fresh week on Monday with a boom after a quick upside consolidation seen in the weekly closing, rising nearly 5.88 percent over the last hours. XAGUSD bulls are gaining momentum near $25.0 level in the biggest ever advance to the stage. Amid high volatility, silver will continue to benefit from global economic growth with its dual properties as both industrial and precious metals.

Key Levels
Resistance Levels: $30.00, $27.00, $25.00
Support Levels: $23.78, $22.83 $21.38
XAGUSD Long term Trend: bullish
A weaker US dollar, lower US yields and systemic safe-haven flows have lifted precious metals. Silver saw some profit-taking on high volumes this morning, trading an ounce higher at 5.88 percent to $24.39 level. The initial high overnight resistance level of $22.92 was blown off.

The indicators are still very optimistic as in the daily chart illustrated, but the Relative Strength Index has stayed close to a correction for a long time in the overbought area. The pair is expected to find support at $22.94 level, and a drop through would take them to the next $22.16 support level.
XAGUSD Short term Trend: Bullish
Recently, the precious metals were off the charts and silver was the pick from the list. The drive higher saw the metal breach yet another $23.78-level resistance zone and it is now trading 5.88 percent higher on Monday.

The pair is projected to reach its first $24.50 level of resistance, and a rise through could push it to the next $25.00 level of resistance. The most likely bias is a long position over $23.25 level with extension goals of $24.50 & $25.00 levels. Alternate scenario beneath $23.25 with $22.83 & $21.38 levels as goals, as it may search for further downside.

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