Silver has been appreciating against the US Dollar since the beginning of June within a rising wedge pattern.
From a theoretical point of view, it is likely that a breakout south could occur within the following trading sessions. In this case the XAG/USD exchange rate could gain support from the Fibo 50.00% and the monthly S1 at 17.35.
Meanwhile, note that the rate could gain support from the 55-, 100– and 200-hour SMAs in the 18.15 area. Thus, the price for silver could continue to go upwards. Note that the rate could face the resistance from the monthly R1 and R2, located at 18.84 and 19.59 respectively.
