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SILVER Weekly Price Analysis – September 08
The price may increase to the resistance level of $18.8 and if it does not hold, it may incline to $19.4 and $20.4 levels. When the bears interrupt the bulls, price may decrease towards the support level of $18.2, $17.6 and $16.4.
Resistance levels: $18.8, $19.4, $20.4
Support levels: $18.2, $17.6 $16.4
XAGUSD Long-term trend: Bullish
On the daily chart, XAGUSD (Silver) is bullish. There is a formation of double bottom chart pattern at $18.2 support level. This is a bullish chart pattern which indicate that bulls are increasing their momentum in the Uniswap market. The price is increasing towards the resistance level of $18.8 at the moment. That means the buyers are in control of the Silver market, further increase envisaged.
There is an increase in bulls’ momentum as the Silver price is trading above the 9 periods EMA, the 21 periods EMA is above the price. The relative strength index period 14 is above 40 levels with the signal lines pointing up displaying bullish direction. The price may increase to the resistance level of $18.8 and if it does not hold, it may incline to $19.4 and $20.4 levels. When the bears interrupt the bulls, price may decrease towards the support level of $18.2, $17.6 and $16.4.
XAGUSD Medium-term Trend: Bullish
XAGUSD is bullish on the daily chart. The price was bearish last week as the price action was under the formation of “W” chart pattern. The bulls have gained more momentum and the price is increasing accordingly. The price is heading towards the resistance level of $18.8 at the moment.
The Silver price is trading above the two EMAs where 9 periods EMA is crossing above the 21 periods EMA. The relative strength index period 14 is at 64 levels with the signal lines pointing up to indicate buy signal.
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