Silver Price: XAGUSD Continues to Defy Pullback From the Recent Top at $29.85 Level

XAGUSD Price Analysis – August 10

Silver prices drop to a level of $27.83 during the early European session on Monday. The remarkable run-up in the precious metals market is starting as XAGUSD manages to defy pullback at $29.85 level from its recent peak, thus rising almost vertically, following today’s intraday low of $27.83 level.

Key Levels
Resistance Levels: $31,50, $30.00, $29.27
Support Levels: $28.15, $27.15, $26.20
XAGUSD Long term Trend: Bullish
As seen on the daily, during the further weakness of the metal beneath $28.15 mark, the pair was bolstered by an upward-moving average of 5 around $27.83 mark, which could become the key as it holds the base for the anticipated north run revisiting its $30 level.

Alternatively, a $27.15 level downside release may renew the run-down of the bullion into the $26.00 level zone. In a scenario where the bulls manage to remain optimistic over a $30.00 threshold, upside momentum continuity may return to the charts.
XAGUSD Short term Trend: Bullish
In the short term Silver’s next upside technical aims are $29.27 level and $30.00 level an ounce. The pair is supposed to find support at $27.15 level, and a decline through could take it to the next support level of $26.20 level. The pair is set to reach its initial level of resistance at $29.27, and a spike through would push it to the next level of resistance at $30.00.

Nevertheless, the latest setbacks in the quote gain support from overbought RSI conditions, which in turn highlights a $19.32-level ascending support line from low of July 17, as a nearby rest level. The potential for silver already looks bullish as weak dollars and the demand for safe havens also reinforce the metal.

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