Silver has been appreciating against the US Dollar since the beginning of June after the XAG/USD exchange rate reversed from the psychological level at 14.50.

Currently, the commodity is trading near the resistance level formed by the Fibonacci 50.00% retracement at 17.36. Note, that the exchange rate is supported by the rising trend line located circa 17.10. Thus, the rate could breach the given resistance and continue to extend gains. Important level to look out for is the Fibonacci 61.80% retracement at 18.17.

However, if the given resistance level holds, it is likely, that a reversal south could occur within the following trading sessions. In this case, silver could face the support of the Fibonacci 38.20% and 23.60% retracements, located at 16.56 and 15.56 respectively.

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