Silver (XAGUSD) Price: Bullish Reversal at $18.2 Level, Targeting $18.8 Resistance Level

Updated:

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.

XAGUSD Market

Key Levels:

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.

You can purchase crypto coins here. Buy LBLOCK

  • Broker
  • Benefits
  • Min Deposit
  • Score
  • Visit Broker
  • 20% welcome bonus of upto $10,000
  • Minimum deposit $100
  • Verify your account before the bonus is credited
$100 Min Deposit
9
  • Award-winning Cryptocurrency trading platform
  • 14 Cryptoassets available to invest in
  • FCA & Cysec regulated
$200 Min Deposit
9.8

Highly volatile unregulated investment products. No EU investor protection.

  • Over 100 different financial products
  • Invest from as little as $10
  • Same-day withdrawal is possible
$100 Min Deposit
9.8
  • The Lowest Trading Costs
  • 50% Welcome Bonus
  • Award-winning 24 Hour Support
$200 Min Deposit
9
  • Award-winning Cryptocurrency trading platform
  • $100 minimum deposit,
  • FCA & Cysec regulated
$100 Min Deposit
9.8
  • Trade top Cryptos such as Bitcoin, Litecoin and Ethereum plus more
  • Zero commissions and no bank fees on transactions
  • Around the clock service with support in 14 languages
$100 Min Deposit
8.5
  • Fund Moneta Markets account with a minimum of $250
  • Opt in using the form to claim your 50% deposit bonus
$250 Min Deposit
9
Share with other traders!

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.