Silver Price: XAGUSD Fails to Sustain Upward Spike Past the $18.45 Level


XAGUSD Price Analysis – July 1

Silver (XAGUSD) indicates a strong sequence from mid-June lows which supports more upside.  During the European session, the white metal grew higher but XAGUSD struggled to maintain an upward spike past the $18.45 mark. Silver then plunged to register low at $17.53 intraday level.

Key levels
Resistance Levels: $19.65, $18.94, $18.37
Support Levels: $17.63, $17.25, $17.00
XAGUSD Long term Trend: Bullish
The white metal has struggled to breach through the upper range of the spike today and is now trading on the red around $18.01 level per ounce. The bulls established a stronger grip beyond the $18.00 mark.

The trend may stay bullish while the flag trend holds the metal. A close beyond today’s upper range, presently at $18.45 level, may imply a $16.95-level continuation of the rally from mid-June and open it up for a breach beyond $18.94 threshold.
XAUUSD Short term Trend: Bullish
On the 4-hour time frame, Silver (XAGUSD) exhibits a higher range from mid-June lows at a level of $16.95 which supports more upside. The metal thus goes on to rise higher. It has already breached at $18.37 level beyond the prior high, indicating the next higher phase is in progress.

The pair is supposed to discover support at a level of $17.63, and a slip through might push it to the next level of $17.25 support. The pair is supposed to meet its initial key resistance at $18.94, and a move through might take it to the next $19.65 level of resistance.

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Azeez Mustapha

Azeez Mustapha is a trading professional, currency analyst, signals strategist, and funds manager with over ten years of experience within the financial field. As a blogger and finance author, he helps investors understand complex financial concepts, improve their investing skills, and learn how to manage their money.