Silver Price: XAGUSD Stays Inside Upward Traction Beyond the $17.63 Level

XAGUSD Price Analysis – June 29

In the prior session, the white metal struggled to break through the upper end of its momentum and is now trading around the level at $17.84 beyond its key level of $17.63 per ounce. In the recent few sessions, buyers have attempted to create a solid grasp over the upward hurdle.

Key Levels
Resistance Levels: $19.65, $18.94, $18.37
Support Levels: $17.25, $17.00, $16.72

XAGUSD Long term Trend: Bullish
The daily view at the upside zone may stay as the metal is kept in the upward traction. A close over its intraday high, presently at $17.96, may indicate a continuation of the May low $15 bull rally and unlock the door to a breach beyond $19.65 level.

As such, the lower end of the upward traction, presently at $16.72 level, is likely to emerge into action if price falls beneath $17.25 level, reinforcing the recent bearish decline of last week’s Wednesday outside day candlestick trend around $17.37 level.

XAGUSD Short term Trend: Ranging
Silver has been appreciating against the US Dollar since early May, as observed on the 4-hour time frame. The exchange rate for XAGUSD has already surpassed the level of $17.00. This upside strength may probably proceed to reign in the market, as the ascending trendline supports the exchange rate.

The pair is supposed to find support at a level of $17.63, and a decline along would push it to the next level of $17.25 support. The pair is projected to reach its first level of resistance at $18.20, and a spike forward would take it to the next level of resistance at $18.37.

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