Silver (XAGUSD) Price Approaches a Potential Bullish Reversal Zone

SILVER Weekly Price Analysis – July 07

In case the bears penetrate the support level of $18.8, the support level of $17.7 may be reached and there is possibility that $16.4 level may be tested. Should the bulls defend the support level of $18.8, price may reverse and face the resistance levels of $19.4, $20.45 and $16.4.

XAGUSD Market

Key Levels:

Resistance levels: $19.4, $20.45, $21.25

Support levels: $18.8, $17.7, $16.4

XAGUSD Long-term trend: Bearish

XAGUSD is bearish on the long-term outlook. Bears’ momentum increased, That is to say, there was more pressure on white metal and there was a disruption of the double bottom chart pattern formed on the daily chart. The sellers gained momentum and the price broke down the support level of $20.45 and $19.4. At the moment it is expose to the support level of $19.4.

Silver is trading below the 9 periods EMA and 21 periods EMA which indicates that bears are dominating the Silver market. In case the bears penetrate the support level of $18.8, the support level of $17.7 may be reached and there is possibility that $16.4 level may be tested. Should the bulls defend the support level of $18.8, price may reverse and face the resistance levels of $19.4, $20.45 and $16.4.

XAGUSD Medium-term Trend: Bearish

XAGUSD is on the bearish movement on 4-hour chart. When the sellers exerted more pressure, the White metal penetrated the former support level of $20.45 and $19.4 downside last week. The double bottom chart patter that was in process of formation disrupted. The bears’ pressure increases and push the price towards the support level of $18.8. At the moment, buyers are opposing the sellers and the price may increase towards north side.

Silver price is trading below the 9 periods EMA and 21 periods EMA. The Relative Strength Index period 14 is at 29 levels with the signal line displaying a bullish signal.

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