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Silver Price may rebound at $20 level
SILVER Price Analysis – 12 October
If buyers are able to hold the $21 price level and the $22 resistance level is breached, silver’s price might incline and test the $23 and $24 resistance levels. More pressure from sellers would cause the $21 level to collapse, the $20 and $19 price levels would serve as the targets of a price break lower.
XAGUSD Market
Key Levels:
Resistance levels: $22, $23, $24
Support levels: $21, $20, $19
XAGUSD Long-term trend: Bullish
The long-term forecast for silver is bullish. As sellers increase their pressure, the white metal moved to previous low at the $20 support level. Bulls defended the just mentioned level with the formation of a strong bullish engulfing candle. The price bounced up and broke up former resistance level of $21. Since October 06, buyers have dominated the silver market and the price is increasing steadily.
The price of white metal is trading above the 9- and 21-period exponential moving averages (EMA), and the fast EMA is increasing by moving towards the slow EMA. The relative strength index’s period 14 signal lines are bending upward at 46. If buyers are able to hold the $21 price level and the $22 resistance level is breached, silver’s price might incline and test the $23 and $24 resistance levels. More pressure from sellers would cause the $21 level to collapse, the $20 and $19 price levels would serve as the targets of a price break lower.
XAGUSD Medium-term Trend: Bullish
The 4-hour XAGUSD chart displays the bullish phase. A “double bottom” bullish reversal chart pattern marked the beginning of silver’s increase above the $21 resistance level. Due to buyers’ pressure, the price of white metal has crossed $21 level. A test of the $22 resistance level is the current target.
The price of silver, which is presently trading above significant dynamic resistance levels, is a sign of a bullish market. The up-pointing period 14 signal line for the relative strength index is currently at a level of 64. It is broadcasting a buy signal.
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