Silver Price: XAG/USD Upside Run Limited Within the Mid $25-Mid $26 Range As Upbeat US Data Supports USD

Silver Price: XAG/USD Upside Run Limited Within the Mid $25-Mid $26 Range As Upbeat US Data Supports USD

XAGUSD Price Analysis – May 1

The XAGUSD pair attempted to break through the mid $26 in the prior week, as the price tanked cautiously while investors remained cautious and aware of the upbeat data that supported the USD. Durable Goods Orders increased by 0.5% in Mar., following a 0.9% decline in Feb, as per the US Census Bureau.

Key Levels
Resistance Levels: $27.50, $26.65, $26.00
Support Levels: $25.50, $25.00, $24.50
XAGUSD Long term Trend: Ranging
XAGUSD risks are also weighted to the upside, as the price has broken through the psychological range level of $26.00. The $26.65 resistance level is the next appropriate upside point. For the bears, the $25.00 support level would be the one to beat. The floating RSI conditions above midlines are likely to test the silver bears in the subsequent sessions.

Although attempting to rebound, the white metal is currently trading with moderate weakness about the $25.92 mark. If Silver price trades above the $26.00 level confluence zone, on the other hand, the upside momentum can gain traction and cause buy orders, apparently triggering an abrupt upside move in silver towards the $26.65 and $27.50 high level.
XAGUSD Short term Trend: Ranging
Technical analysis on the lower time frame shows that XAGUSD has broken into a downward channel and can trade between the near-term resistance level of $26.00 and the short-term low of $25.50. Any such lower breakout will keep white metal selling towards the next support level of $25.00.

Above the $25.50 mark, a recovery past the $26.00 level is possible. Silver may have recovered from its extremes and is now trading above the mid $25.00s, but it is still down more than 0.5% from the last session high. Short positions below $26.00 are most probable, with expectations at $25.50 and $25.00 in extension.

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Author : Azeez Mustapha

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Azeez Mustapha is an experienced author, trader, markets analyst, signals strategist, and funds-manager.