Silver Price: XAGUSD Reverses Early Gains From $28.03 Level Amid Positive Investment Demand

XAGUSD Price Analysis – August 19

The price of silver has reached a prior barrier structure which now acts as a temporary limit for buyers from where we have seen a sharp pullback on the daily time frame. XAGUSD reverses early gains from a $28.03 level amid positive investment demand for the white metals which has been strong.

Key Levels
Resistance Levels: $30.00, $29.27, $28.15
Support Levels: $25.00, $23.78, $21.38
XAGUSD Long term Trend: Bullish
Silver prices seesaw around $28.03 level, down 0.35% on a day, during the European session on Wednesday. Despite the recent weakness to refresh the weekly top, the metal’s ability to keep the upside break of the horizontal resistance level at $28.15 level remains intact and a one-week-old horizontal support line at $25.00 level favors the buyers.

The pair is expected to find support at $27.15 level, and a fall through could take it to the next support level of $26.20 level. The pair is expected to find its first resistance at $28.15 level, and a rise through could take it to the next resistance level of $29.27 level.
XAGUSD Short term Trend: Ranging
Silver (XAGUSD) bulls are gathering pace for a fresh leg higher while consolidating the break above the $27.37 level. The 4-hour Relative Strength Index (RSI) trends beyond the midline territory of 50, implying there is more scope for the upside.

A break below the latter could call for a test of the horizontal support level at $27.15 level. A close below the moving average 5 and 13 is needed to negate the near-term bullish momentum. In the alternative bias, short positions below the $28.15 level will target levels at $27.37 & $27.15 in extension.

Note: Learn2.Trade is not a financial advisor. Do your research before investing your funds in any financial asset or presented product or event. We are not responsible for your investing results