Silver New York Price Forecast: XAG/USD trades sideways near $17.00/oz

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  • XAG/USD is consolidating off the monthly tops. 
  • Support can emerge near the 16.80 level.  
 

Silver four-hour chart 

 
Silver is trading off 10-week tops just below the $17.45 per troy ounce level. Bulls are losing steam as XAG/USD trades below the 50 SMA on the four-hour chart. In this context, a break below the 16.80 support cannot be ruled out. On the other hand, a daily break above the 17.45 level can lead to further upside with 18.20 and 18.80 on the radar. 
 
 
 
Resistance: 17.45, 18.20, 18.80
Support: 16.80, 15.84, 15.42
 
 

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