Silver Price: XAGUSD Continues With Upside Rally Towards the Mid $19.00 Level

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Azeez Mustapha

Updated: 13 October 2022

XAGUSD Price Analysis – July 15

The average Silver price was $16.65 level through June’s end. Having dropped dramatically in mid-March, the silver price continued to rally upside, growing by 56 percent to hit $17.84 at the end of June; it has since breached through hurdles towards mid-$19.00 level.

Key Levels
Resistance Levels: $21.00, $20.50, $19.65
Support Levels: $18.37, $18.00, $17.63
XAGUSD Long term Trend: Bullish
Long-term and mid-term bias is bullish and if the broken $19.17 resistance level successfully holds as support a move towards $19.65 level is likely. A break and close back below $19.17 level on the other hand would put $18.94 level back into focus.

Below $18.94 level we’ll look for further downside with $18.00 & $17.76 levels as targets. From a theoretical point of view, a breakout south could likely occur within the following trading sessions. In this case, the XAGUSD exchange rate could gain support from 50.00% and the monthly support at $17.25 level.
XAGUSD Short term Trend: Bullish
On the 4-hour time frame, after a clear false break of $18.94 level, bulls stepped back in and pushed the precious metal higher impulsively, clearing a short-term resistance level at $19.17 in the process.

Price is now beyond the broken short-term resistance and may test the $18.94 level as potential support. Thus, the silver price could continue to go upwards.

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