Silver Price: XAGUSD Rebound Upwards From Near Term Low Level at $17.22

XAGUSD Price Analysis – June 8

During Monday’s European session, despite taking a U-turn from near-term low, Silver price take offers near $17.22 level, up 1.50 percent on a day. The precious metals sector was projected to decline but it seems to rebound as the star performer among the precious metals complex against the greenback, Silver shines.

Key Levels
Resistance Levels: $19.65, $18.94, $18.20
Support Levels: $17.25, $16.72, $15.84

XAGUSD Long term Trend: Bullish
A test of the trendline on the daily chart had been conducted in favor of the price increases for Silver in the present. The second scenario would be a recovery of the downward channel’s upper range. Changing the XAGUSD quotes growth option might be a $15.84 level decline and a collapse of the region.

This may suggest a weakening of the support level and a steady decline in Silver prices with a destination beneath $13.82 level. Validation of the upward trend progress would be a decline of the downward channel’s upper border and a closing beyond the $18.20 mark. This may suggest an increase in Silver’s price rise.

XAGUSD Short term Trend: Bullish
During the recent declines, on the 4-hour time frame, the bulls rebounded as an immediate launch pad around the convergence zone of the upward trendline and a near-term horizontal support level of $17.25 push price up.  

Alternatively, an upside-down of the horizontal resistance zone, presently close to the $18.20 level, may push prices to the new month’s high of around $18.38 level. Although bulls are less likely to rule when they clear upside barriers beyond the moving averages.

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