Silver Price: XAGUSD Optimistic As Bulls Continue Upside Bias Beyond $18.50 Level

Silver Price: XAGUSD Optimistic As Bulls Continue Upside Bias Beyond $18.50 Level

XAGUSD Price Analysis – July 8

Silverspot cracked psychological $18.50 barrier on Wednesday, after taking out high at $18.37 level. The shining metal is trading at $18.72 level as of the time of this post. Demand for safe-haven metals remains strong and is expected to persist as the situation regarding global economic recovery after lockdown remains uncertain.

Key Levels
Resistance Levels: $20.50, $19.65, $18.94
Support Levels: $18.37, $18.00, $17.63
XAGUSD Long term Trend: Bullish
Silver has settled above the psychological barrier at $18.50 level and continues to gain upside momentum. At this point, silver has good chances to test the yearly highs at $19.00 level in the near term.

On the support side, the strongest support level for silver is located at the horizontal support level at the $18.00 level confluence zone. A move below the confluence zone will be a challenge for silver bulls as it will show that silver is losing momentum. In this case, silver will head towards the major support level at $17.63 level.
XAGUSD Short term Trend: Bullish
On the 4 hour chart, the short-term oscillators also suggest growing positive momentum as the RSI is increasing in bullish territory and may enhance the positive outlook in price even though it’s overbought.

To the downside, the $18.37 level nearby support area may add some footing to the market, but a violation at this point may not attract much attention unless the price slumps below the strong support of the confluence zone at $18.00 level.

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