Silver Price: XAGUSD Extends Decline Beneath $17.25 Levels After the Recent Rally

XAGUSD Price Analysis – June 15

Silver shorts reported a loss of 2.0 percent early through Monday’s European session after a recent rally to mid-$18.00. XAGUSD is trading at a level of $17.23, with its price down from Friday’s close against the USD. Resurgent fears about the third wave of coronavirus infection are anticipated to push demand for metals in the US and China. This may cause a spike in long stakes on the shiny metal in weeks to come.

Key levels
Resistance Levels: $18.20, $17.63, $17.25
Support Levels: $17.00, $16.72, $16.39
XAGUSD Long term Trend: Bullish
Daily, Silver oscillations present the significant highs/lows and trade in another position correlating by swing direction although not in trajectory as a whole. Since the end of March, the shiny metal has been in a steady bull trend, after a big false break of $14.00 level.

Its medium to long-term bias is bullish, but if that position reverses, the rate may hold at $17.00 (resistance turned support) level and it is likely to shift back up to $18.20. Bulls may aim into medium-term support for potential buying chances on poor pullbacks.
XAGUSD Short term Trend: Ranging
 On the flip side, the pair is intended to find support at $17.00 level, and a rebound from here may propel it to the next $17.25 level of resistance. The pair is intended to find its key level of resistance at $17.63, and a spike through might take it to the next level of resistance at $18.20.

Overall, since the end of March Silver has appreciated against the US Dollar. The exchange rate of XAGUSD runs beyond the level of $17.00. Some upside potential may probably tend to emerge in the market, as the exchange rate at $17.00 level is supported by ascending trendline support. The price for silver, in this case, may increase to $18.00 level.

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