Silver Price: XAGUSD Stays Under Pressure After Breaching $17.50 Level Downwards

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Azeez Mustapha

Updated: 13 October 2022

XAGUSD Price Analysis – June 17

Since moving beyond $17.50 mark in the previous session, the white metal reverses its gains thus finishing the prior day gaining (0.57 percent) upside. In an uninspiring session, XAGUSD’s price has failed to move convincingly beyond the trading range of the day before.

Key Levels
Resistance Levels: $18.94, $18.20, $17.63
Support Levels: $17.25, $17.00, $16.72
XAGUSD Long term Trend: Bullish
Silver price confronted strong resistance on the moving average of 13, which halted the bullish bias and forced the commodity to offer minor negative trades, its failure to crack the $17.63 led it to ease the mission from going to $18.20 level followed by $18.94 as next key targets.

The pair is supposed to find support at a level of $17.25, and a drop through might take it to the next level of $17.00 support. The pair is supposed to find its initial resistance at $17.63 level, and a spike through might take it to the next $18.20 resistance level according to most major online forex schools.
XAGUSD Short term Trend: Ranging
XAGUSD shifts sideways on the 4 hour time frame and the Relative Strength Index indicator has shoved aside from the over-sold region reached on June 15 while holding price around the 50 midlines.

If the price is to consider moving lower from here then the 4-hour moving average of 13 would have to be breached to reach the ascending trendline support level at $17.25 per troy ounce. The price also appears like it’s creating a range with the waves generating a lower low pattern in the high.

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