Silver Price: XAGUSD Upside Bias May Kickstart Beyond $27.15 Level

XAGUSD Price Analysis – September 14

Silver (XAG) opened with a weak momentum on Monday, showing little interest to exit the one-month-old horizontal trajectory that is taking place within the $25.75-$28.90 area. However, the upside bias beyond the channel range may kickstart beyond the $27.15 level in the new week.

Key Levels
Resistance Levels: $30.00, $28.90, $27.15
Support Levels: $26.50, $25.00, $23.78
XAGUSD Long term Trend: Ranging
The white metal keeps hovering within the MA 13 and MA 5 after the last week’s failed attempt to cross upwards the horizontal resistance level at $27.37. While normal RSI conditions suggest the bullion’s further consolidation, it refrains from declining below the midline of 50.

However, a clear break of the $27.15 level, comprising the aforementioned horizontal resistance line, becomes necessary for the bulls to step in. It should also be noted that the moving average 13 level of $27.20 level offers immediate resistance to the quote.
XAGUSD Short term Trend: Ranging
On the 4 hour chart, the latest XAGUSD may attack the weekly top surrounding the $27.50 level before targeting the $28.15 horizontal resistance level. Though, the 4-hour channel resistance line at $27.37 level will challenge the bulls, a break of which will quickly direct the quote towards the monthly high of $28.90 level.

Meanwhile, a downside break of moving average 5, at $26.81 level now, will fetch the commodity prices to the aforementioned channel support line, currently around $26.20 level. The preferred scenario would be a long position beyond the $26.50 level with targets at $27.37 & $28.15 levels in extension.

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