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SILVER Weekly Price Analysis – July 14
In case the bulls defend the support level of $18.2, price may reverse and face the resistance levels of $18.8, $19.4 and $20.4. Should the bears penetrate the support level of $18.2, the support level of $17.7 may be reached and there is possibility that $16.4 level may be tested.
Resistance levels: $18.8, $19.4, $20.4
Support levels: $18.2, $17.7, $16.4
XAGUSD Long-term trend: Bearish
XAGUSD is bearish on the long-term outlook. Sellers’ increase their momentum. In other words, there was more pressure on white metal and more strong daily candles were produced. The former support level of $18.8 has turned to resistance after the breakdown of the mentioned level. The sellers gained momentum and the price broke down the support level of $18.8. At the moment it is trying to break down $18.2 level.
Bears momentum is increasing as Silver is trading below the 9 periods EMA and 21 periods EMA which indicates that bears are dominating the Silver market. In case the bulls defend the support level of $18.2, price may reverse and face the resistance levels of $18.8, $19.4 and $20.4. Should the bears penetrate the support level of $18.2, 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. Last week, White metal penetrated the former support level of $18.8 downside when the sellers exerted more pressure. 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 $18.2. At the moment, the sellers are holding unto Silvers’ market.
Silver price is trading below the 9 periods EMA and 21 periods EMA. The Relative Strength Index period 14 is at 23 levels with the signal line displaying a bearish signal.
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