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

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.

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