Silver (XAGUSD) Price May Bounce Up at $20.45 Support Level

Updated:

SILVER Weekly Price Analysis – June 30

When the price reached the resistance level of $22.16 the buyers’ momentum decreases in the Silver market. The resistance level of $21.75 holds the price and the bulls could not break up the mentioned level. Sellers are dominating Silver market and the price pulled back targeting previous low at $20.45.

XAGUSD Market

Key Levels:

Resistance levels: $21.25, $21.75, $22.16

Support levels: $20.45, $19.8, $18.8

XAGUSD Long-term trend: Bearish

XAGUSD is bearish on the long-term outlook. The price action is trying to form ”W” chart pattern; this is a bullish indication. Last two weeks, the buyers gained momentum and the price started bullish movement. When the price reached the resistance level of $22.16 the buyers’ momentum decreases in the Silver market. The resistance level of $21.75 holds the price and the bulls could not break up the mentioned level. Sellers are dominating Silver market and the price pulled back targeting previous low at $20.45.

Silver is trading below the 9 periods EMA and 21 periods EMA which indicates that bears are dominating the Silver market. In case the bears penetrate the support level of $20.45 the support level of $19.8 may be reached and there is possibility that $18.8 level may be tested. Should the bulls defend the support level of $20.45, price may reverse and face the resistance levels of $21.25, $21.75 and $22.16.

XAGUSD Medium-term Trend: Bearish

XAGUSD is on the bearish movement on 4-hour chart. White metal is gathering momentum for a bullish reversal at the support level of $20.4 with the formation of double bottom chart pattern. The bulls’ pressure increased and push the price to test the resistance level of $21.7. At the moment, sellers are opposing the buyers and the price is heading towards $20.45 level.

Silver price is trading slightly below the 9 periods EMA and 21 periods EMA. The Relative Strength Index period 14 is at 3 levels with the signal line displaying a bearish 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.