Silver Price: XAGUSD Positioning to Spike Higher Towards $27.00 Level

XAGUSD Price Analysis – December 28

Silver (XAGUSD) is in an uptrend with buyers in control of any dip and positioning to go higher towards the $27.00 level. Given that white metal is trading above its moving averages 5 near the $26.00 level, some upside potential could likely prevail in the market in the short run.

Key Levels
Resistance Levels: $30.00, $28.90, $27.50
Support Levels: $26.00, $24.50, $23.50
XAGUSD Long term Trend: Ranging
Silver (XAGUSD) prices are consolidating just the north of the $26.00 mark and have maintained a broadly positive bias amid a continuation of soft USD conditions. XAGUSD closed Friday’s FX trade higher by just over 1.43% which implies a positive push from prior levels.

Only the move below the $26.00 level and MA 5 could change the trend. At this point buying the dips is the option and Silver is poised to go higher. In the meantime, if the given support level holds, XAG could trade sideways against the Greenback within the following trading session.
XAGUSD Short term Trend: Ranging
Silver struggled to capitalize on its intraday gains and faced rejection near the $26.77 mark, meanwhile, the prevalent risk-on environment was seen exerting pressure on the safe-haven metal. On the upside, the initial target is located at $27.50 (psychological level).

If the price manages to rise above that level, it’s likely to meet the next hurdle at $28.90. With a close above the $26.77 level, XAUUSD could target $27.50 (psychological level) and $28.90 (August high).

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