Silver (XAGUSD) Price Bounces Up at $18 Support Level, Bullish Trend Commences

Updated:

SILVER Weekly Price Analysis – July 28

Should the bulls exert more pressure, the resistance level of $19 may be broken upside, price may increase and test the resistance levels of $20, and $21. In case the bears oppose bulls at $19 level, the price may break down the support level of $18, the price may decrease to the support levels of $17 and $16.

XAGUSD Market

Key Levels:

Resistance levels: $19, $20, $21

Support levels: $18, $17, $16

XAGUSD Long-term trend: Bullish

XAGUSD is bullish on the long-term outlook. The white metal did made a fantastic change in the price last week. It was initially bearish and the price tested $18 on July 14. It consolidated for few days within the support level of $18 and $19 levels. Bulls exerted more pressure and beaks up the resistance level of $18 targeting $20 level.  Buyers are dominating market at moment, further price increase envisaged.

Silver is trading slightly above the 9 periods EMA and 21 periods EMA which indicates that bulls are in control of the Silver market. Should the bulls exert more pressure, the resistance level of $19 may be broken upside, price may increase and test the resistance levels of $20, and $21. In case the bears oppose bulls at $19 level, the price may break down the support level of $18, the price may decrease to the support levels of $17 and $16.

XAGUSD Medium-term Trend: Bullish

XAGUSD is on the bullish movement on 4-hour chart. The metal bounced up when it reached the support level of $18. The price pulled back and tested $19 level, it observed a ranging movement for some time around $18 level. Yesterday, bulls gained more momentum and break up the resistance level of $18.

 Silver price is trading above the 9 periods EMA and 21 periods EMA. The Relative Strength Index period 14 is at 69 levels with the signal line displaying a bullish signal.

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Azeez Mustapha

Azeez Mustapha is a trading professional, currency analyst, signals strategist, and funds manager with over ten years of experience within the financial field. As a blogger and finance author, he helps investors understand complex financial concepts, improve their investing skills, and learn how to manage their money.