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

Buyers are dominating the Silver market

SILVER Weekly Price Analysis – October 27

Should the bulls exert more pressure, the resistance level of $20 may be broken upside, price may increase and test the resistance levels of $21, and $22. In case the bears oppose bulls at $20 level, price may break down the support level of $19, the price may decrease to the support levels of $18 and $17.

XAGUSD Market

Key Levels:

Resistance levels: $20, $21, $22

Support levels: $19, $18, $17

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 October 20. 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 $19 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 $20 may be broken upside, price may increase and test the resistance levels of $21, and $22. In case the bears oppose bulls at $20 level, the price may break down the support level of $19, the price may decrease to the support levels of $18 and $17.

XAGUSD Medium-term Trend: Bullish

XAGUSD is on the bullish movement on 4-hour chart. The metal bounced up when it tested the support level of $18 two times. 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 $19.

Silver price is trading above the 9 periods EMA and 21 periods EMA. The Relative Strength Index period 14 is at 58 levels with the signal line displaying a bullish signal.

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