Silver has been appreciating against the US Dollar since the end of March. The XAG/USD exchange rate has already exceeded the 17.00 level.
It is likely that some upside potential could continue to prevail in the market, as the exchange rate is supported by the 55-, 100– and 200-hour moving averages. In this case the price for silver could raise to 21.00.
Meanwhile, note that the exchange rate would have to surpass the monthly R1 and R2, located at 18.97 and 20.04 respectively. If the given resistance holds, it is likely that a reversal south could occur. In this case the rate could gain support from the Fibo 23.60% at 13.92.
