Silver Price: XAGUSD Rebounds Further Around Prior Day’s Exit at $19.32 Level

XAGUSD Price Analysis – July 20

The white metal rebounded from prior day losses as market activity turned upside. XAGUSD price continued to ascend gradually to the exit of the day before, settling at around $19.32 level, it nevertheless, reflects a lower high.

Key Levels
Resistance Levels: $21.00, $20.50, $19.65
Support Levels: $18.94, $18.37, $18.00
XAGUSD Long term Trend: Bullish
XAGUSD trades at a level of $19.33; the instrument rises beyond its horizontal resistance turned support at a level of $19.17, which suggests an upward trend. The markets may suggest that the price could test the upside boundary at a level of $19.65 and then start pushing upwards to a level of $20.50 later in the week.

A recovery from support level might be another indicator for more uptrend. Nevertheless, if the price crosses the downside barrier and fixes beneath $18.94 level the bullish scenario may no longer be the case. The pair may start to decline towards $18.00 level in this situation.
XAGUSD Short term Trend: Bullish
On the shorter time frame bulls persisted and moved the precious metal higher spontaneously after a simple breach of $19.17 barrier, attempting a short-term resistance in the process. Price may re-test the $19.17 level broken short-term barrier as potential support.

Short to mid-term bias is bullish and it is probable that if this broken short-term resistance holds as support another push back up to $19.47 level is imminent. On the other hand, a break and close back beneath the $19.17 level may put $18.94 level back into view.

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