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The Silver (XAG) sellers were unable to keep their price below the $25.00 level and began a new surge versus the US Dollar. The XAGUSD pair has moved into a positive zone after breaking through the mid $26.00 level. Silver is holding up while the dollar fell on Friday as risk appetite increased.
XAGUSD Price Analysis – July 10
Key Levels
Resistance Levels: $28.00, $27.50, $27.00
Support Levels: $26.00, $25.50, $25.00
XAGUSD Long term Trend: Ranging
The moving average 5 of silver (XAGUSD), which is currently working as support at $26.00, has served as a solid basis for price activity in recent days, with the moving average 13 about crossing lower at $26.10 given credence to a change in trend.
To the upside, there is decent resistance in the $26.72 region, while to the downside, the current range’s bottom comes into play just around the $25.50 level. Currently, XAGUSD is rising, and bulls may try to push the price above $26.72.
XAGUSD Short term Trend: Ranging
Technical buying on the recovery from a short-term slump around ascending trendline support at the $25.52 level from June 29 has helped spot silver prices recapture past the $26.00 level in the short run. Silver, on the other hand, remains well within recent ranges when viewed over a medium time horizon.
This week, Silver (XAG) may attempt an upside breakout, and a break of $26.72 minor resistance might push the price to the $27.00 mark. There hasn’t been any follow-up buying yet. But, before any rise, sustained trading over the $26.00 level should confirm that a rebound from $25.52 has been completed at the $26.50 level.
Source: https://learn2.trade
