Silver (XAGUSD) Price: Double Bottom Chart Pattern at $18 Level, Bulls Dominate

Updated:

SILVER Weekly Price Analysis – September 15

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 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 September 01. It bounces up due to an increase in the buyers’ momentum. Bulls exerted more pressure and beaks up the resistance level of $19.  Buyers are dominating market at moment, further price increase envisaged.

Silver is trading 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 price action has formed a double bottom chart pattern on 4-hour chart. The metal bounced up when it reached the support level of $18. The price increase, broke up $19 level. It is increasing towards $20 resistant level before it is interrupts. At the moment, white metal is pulling back to retest $19 level.

Silver price is trading above the 9 periods EMA and 21 periods EMA. The Relative Strength Index period 14 is at 56 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.