Silver (XAGUSD) Price May Break Up $20 Resistance Level

Updated:

SILVER Weekly Price Analysis – August 04

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. 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.

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 way it was predicted last week, white metal did made a bullish movement whereby the former resistance level of $19 was penetrated. The price reached the resistance level of $20 with the formation of strong bullish momentum. The just mentioned level was tested on August 01. It pulled back. Today, Bulls are dominating the market and the level of $20 may be broken upside.

Bulls are in control of the Silver market as the Silver is trading above the 9 periods EMA and 21 periods EMA. 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. 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.

XAGUSD Medium-term Trend: Bullish

XAGUSD is on the bullish movement on 4-hour chart. After the bouncing up of the metal, when it reached the support level of $18. The price increased towards north and tested the resistance level of $20. It pulled back and move towards the support level of $19. At the moment, the bulls are trying to gain momentum.

Silver price is trading above the 9 periods EMA and 21 periods EMA. The Relative Strength Index period 14 is at 57 levels with the signal line displaying a bullish signal.

You can purchase Lucky Block 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
  • $100 minimum deposit,
  • FCA & Cysec regulated
$100 Min Deposit
9.8
  • Over 100 different financial products
  • Invest from as little as $10
  • Same-day withdrawal is possible
$100 Min Deposit
9.8
  • 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.

  • 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
  • The Lowest Trading Costs
  • 50% Welcome Bonus
  • Award-winning 24 Hour Support
$200 Min Deposit
9
  • 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.