Silver Price: XAGUSD Stays Under Pressure at $18.00 Level After Easing From Monthly Highs

XAGUSD Price Analysis – June 3

Silver price fell from the monthly $18.39 high level hit on Monday to $17.63 low level on Wednesday’s early American session. The price of silver has grown rapidly as the US dollar is declining, stocks are edging higher and investors are preparing for economic growth. We are therefore registering some correction in the metal price.

Key levels
Resistance Levels: $19.65, $18.94, $18.20
Support Levels: $17.63, $16.72, $15.84

XAGUSD Long term Trend: Bullish
The XAGUSD has reached high levels at this stage and is now at a pullback moment that could stay on the cards for a while. For silver, a retrace of the recent trend falls at the daily level of $17.63, while a mean reversal brings the metal back to the previous trends of highs and resistance, a level that, once supported, may clear the path for the next leap higher.

While overbought RSI conditions triggered the white metal pullback to May 20 high near $17.63 levels, the more downside could find it hard to crack the $17.25 level at the moving average of 13.
XAGUSD Short term Trend: Bullish
During the pre-European session into American session on Wednesday, the Silver price dropped to $17.63 level on the 4-hour time frame, down 0.30 percent on a day. Even so, to justify further selling, the white metal still has to confirm a bearish technical formation, that squeeze, on the four-hour chart.

As a consequence, sellers are also searching for new entries beneath $17.63 level while targeting a $16.72 level of ascending trendline formation. Though, the lower part of May 13 supporting the low might offer intermediate stops during the decline.

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