XAGUSD Price Set To Soar Higher Into the $28.00 Level

XAGUSD Price Analysis – May 30

Silver (XAGUSD) is in an uptrend, with buyers controlling any dips and setting for a move higher to the $28.00 region. The price of silver is currently $27.93 per ounce, up 0.32 percent. The price of silver is being pulled downwards as the US dollar and Treasury yields strengthen.

Key Levels
Resistance Levels: $29.50, $28.90, $28.32
Support Levels: $27.50, $27.00, $26.72
XAGUSD Long term Trend: Ranging
Silver (XAGUSD) prices are stabilizing beneath $28.00 and have maintained a generally bullish bias despite the resurgent strength of the US dollar. The XAGUSD currency pair finished Friday’s foreign exchange trade up 0.32 percent, implying a positive move from previous levels.

Only a move below $27.50 and the MA 13 might reverse the trend. At this time, buying the dips is the best strategy, and Silver is primed to rise. Meanwhile, if the stated support level holds, XAG could trade sideways against the US dollar in the next trading session. Any more weakness, however, must break through the weekly low of $27.40 to render the XAGUSD bullish run meaningless.
XAGUSD Short term Trend: Ranging
After approaching resistance at the key $28.00 level, silver’s price has performed a mild technical pullback. On the one hand, the 4-hour MA 5 crossing the MA 13 higher in the $27.70 level towards the $28.00 range might likely push the price of XAGUSD higher.

Meanwhile, the rate may maintain support at the horizontal level of $27.50. On the other hand, in the event of a surge, the white metal might find resistance at the next horizontal line of $28.32. As a result, the market may have some upward potential in the coming sessions.

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