Silver (XAGUSD) Price: Bearish Movement Continues After a Pullback

SILVER Weekly Price Analysis – September 29

Should the bulls defend the support level of $18.1, price may reverse and face the resistance levels of $18.8, $19.4 and $20.45. When the bears penetrate the support level of $18.1, the support level of $17.7 may be reached and there is possibility that $16.4 level may be tested.

XAGUSD Market

Key Levels:

Resistance levels: $18.8, $19.4, $20.45

Support levels: $18.1, $17.7, $16.4

XAGUSD Long-term trend: Bearish

XAGUSD is bearish on the long-term outlook. The double bottom chart pattern formed on the daily chart triggers bullish movement. The bullish momentum has placed the price at resistance level of $20.45. Bears’ momentum increased, That is to say, there was more pressure on white metal. The sellers gained momentum and the price broke down the support level of $19.4 and $18.8. At the moment it is pulling back at $18.8 level.

Silver is trading below the 9 periods EMA and 21 periods EMA which indicates that bears are dominating the Silver market. Should the bulls defend the support level of $18.1, price may reverse and face the resistance levels of $18.8, $19.4 and $20.45. When the bears penetrate the support level of $18.1, the support level of $17.7 may be reached and there is possibility that $16.4 level may be tested.

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 $19.4 and $18.8 downside last week. The bears’ pressure increases and push the price towards the support level of $18.1. At the moment, buyers are opposing the sellers and the price is increasing towards north side.

Silver price is trading above the 9 periods EMA and 21 periods EMA. The Relative Strength Index period 14 is at 50 levels with the signal line displaying a bearish signal.

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