Silver Price: XAGUSD Continues To Edge Higher As USD Strength Dwindles

Silver Price: XAGUSD Continues To Edge Higher As USD Strength Dwindles

XAGUSD Price Analysis – April 18

This week, silver (XAG/USD) price may continue rising as the white metal breaks out of its recent range around $26.00 on Friday. XAGUSD has reached a high of $26.30 during the prior session, following its price action from the $25.84 opening price. The surge in the dollar during the last session was stifled by USD sellers looking for a deal, and the DXY is now trading lower.

Key Levels
Resistance Levels: $28.90, $27.50, $26.77
Support Levels: $25.50, $24.50, $23.50
XAGUSD Long term Trend: Ranging
The price of XAGUSD has convincingly broken to the upside of its range, and the key resistance level to watch is $26.77 and $27.50 levels, which has capped its upside since March 3rd. In the event of an unexpected downturn, the previous low around the daily ascending trendline at $23.78 should provide immediate support.

Alternatively, if the $26.77 and $27.50 level fails to hold, silver prices could be poised to make more advances in the medium to long term. Over the last few sessions, the price activity has been largely consolidating beneath the $26.00 levels. If it breaks above the $27.50 mark, a steady move towards the February 1 highs would be possible.
XAGUSD Short term Trend: Ranging
Silver appears to be limited by a significant technical barrier at the $26.30 mark, as seen on the 4-hour chart. If the barrier holds, XAGUSD is likely to find support near the $25.50 level and thanks to the 4-hour moving average 13 to slow the bears and expand gains against the US Dollar in the short term.

The upside range between $26.77 and $27.50 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 main $25.00 psychological level.

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Author : Azeez Mustapha

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Azeez Mustapha is an experienced author, trader, markets analyst, signals strategist, and funds-manager.