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SILVER Weekly Price Analysis – August 11
When the bulls gain more pressure, the resistance level of $21 may be broken upside, price may increase and test the resistance levels of $22, and $23. In case the bears oppose bulls at $20 level, the price may break down the support level of $20, it may decline to the support levels of $19 and $18.
XAGUSD Market
Key Levels:
Resistance levels: $21, $22, $23
Support levels: $20, $19, $18
XAGUSD Long-term trend: Bullish
XAGUSD is bullish on the long-term outlook. The Silver price was under the influence of the bulls since July 21 when the double bottom chart pattern is formed on the daily time frame. The white metal increases and break up the resistance level of $19 which led to the testing of the $20 resistance level. The price pulled back and retested $19 support level. On August 08, bulls gather more momentum and price break up the $20 level. Price is aiming at $21 level.
Bulls are dominating the Silver market as it is trading above the 9 periods EMA and 21 periods EMA. When the bulls gain more pressure, the resistance level of $21 may be broken upside, price may increase and test the resistance levels of $22, and $23. In case the bears oppose bulls at $20 level, the price may break down the support level of $20, it may decline to the support levels of $19 and $18.
XAGUSD Medium-term Trend: Bullish
XAGUSD is on the bullish movement on 4-hour chart. After the formation of double bottom chart pattern, price bounces up. The price increased and turned former resistance level of $19 to support level. The resistance level of $20 was tested and it pulled back and consolidates for few days. The price is currently expose to $21 resistance level.
Silver price is trading above the 9 periods EMA and 21 periods EMA. The Relative Strength Index period 14 is at 52 levels with the signal line displaying a bearish signal which may be a pullback.
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