Silver (XAGUSD) Price: Buyers Are Gathering Momentum to Further Uptrend

SILVER Weekly Price Analysis – September 22

When the bulls exert more pressure, the resistance level of $20 may be broken upside, price may increase and test the resistance levels of $21, and $22. In case the bears oppose bulls at $20 level, the price may break down the support level of $19, the price may decrease to the support levels of $18 and $17.

XAGUSD Market

Key Levels:

Resistance levels: $20, $21, $22

Support levels: $19, $18, $17

XAGUSD Long-term trend: Bullish

XAGUSD is bullish on the long-term outlook. The white metal did not made much change in the price last week. It was initially bullish and the price broke up the resistance level of $19 on September 12. It increases in the buyers’ momentum. Bulls’ pressure became weak with the opposition pressure from the sellers. The momentum of both sellers and buyers seems to be equaled and that led to consolidation movement at $18 level.

Silver is trading above the 9 periods EMA and 21 periods EMA which indicate that bulls are in control of the Silver market. When the bulls exert more pressure, the resistance level of $20 may be broken upside, price may increase and test the resistance levels of $21, and $22. In case the bears oppose bulls at $20 level, the price may break down the support level of $19, the price may decrease to the support levels of $18 and $17.

XAGUSD Medium-term Trend: Bullish

XAGUSD is on the bullish movement on 4-hour chart. The double bottom chart pattern formed on 4-hour time frame triggers the bullish movement. The metal bounced up and increase towards the resistance level of $19. Bulls’ pressure break up the just mentioned level and heading towards the resistance level of $20 but bears interrupt and the price is consolidating at the moment.

Silver price is trading above the 9 periods EMA and 21 periods EMA. The Relative Strength Index period 14 is at 56 levels with the signal line displaying a bullish signal.