Silver (XAGUSD) Price Approaches Potential Bullish Reversal Level at $18 Level

Buyers may dominate the Silver market

SILVER Weekly Price Analysis – October 13

Further increase in the sellers’ pressure may decrease Silver below $18, then, $17 and $16 levels may be tested. In case the buyers oppose sellers at $18 level, the price may break up the resistance level of $19, the price may increase to the resistance levels of $20 and $21.

XAGUSD Market

Key Levels:

Resistance levels: $19, $20, $21

Support levels: $18, $17, $16

XAGUSD Long-term trend: Bearish

XAGUSD is bearish on the long-term outlook. The white metal was bullish last two weeks. The bulls picked up the metal from the support level of $18, and the price soared to $21 resistance level. Sellers defended the resistance level of $21. Strong bearish engulfing candle produced which triggers a price downtrend. The support level of $18 is currently tested.

Silver has penetrated the two EMAs downside and it is trading below the 9 periods EMA and 21 periods EMA at distance which indicate that sellers are dominating Silver market. Further increase in the sellers’ pressure may decrease the price below $18, then, $17 and $16 levels may be tested. In case the buyers oppose sellers at $18 level, the price may break up the resistance level of $19, the price may increase to the resistance levels of $20 and $21.

XAGUSD Medium-term Trend: Bearish

XAGUSD is on the bearish movement on 4-hour chart. The metal reached the high of $21 resistance level on October 04. It retraced from the resistance level and form a short “M” shape. This is a bearish chart pattern. The price obeyed the command of the pattern. Price decline towards south and the price is testing the support level of $19 at the moment.

Silver price is trading below the 9 periods EMA and 21 periods EMA. The Relative Strength Index period 14 is at 41 levels with the signal line displaying a bullish signal.

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