Bulls may dominate the Silver market soon
SILVER Weekly Price Analysis – October 20
In case the bearish momentum increase and penetrate the support level of $18.1, the support level of $17.7 may be reached and there is possibility that $16.4 level may be tested. Should the bulls defend the support level of $18.1, Silver may reverse and face the resistance levels of $18.8, $19.4 and $20.45.
XAGUSD Market
Key Levels:
Resistance levels: $18.8, $19.4, $20.45
Support levels: $18.1, $17.7, $16.4
XAGUSD Long-term trend: Bearish
XAGUSD is bearish on the long-term outlook. Bears’ momentum increased, That is to say, there was more pressure on white metal. Last three weeks, buyers pushed the price to the resistance level of $21.2. Sellers defended the mentioned level with the formation of bearish engulfing candle. Sellers gained momentum and the price broke down the support level of $20.45 and $19.4. At the moment it is testing the support level of $18.1.
Silver is trading below the 9 periods EMA and 21 periods EMA which indicates that bears are dominating the Silver market. In case the bearish momentum increase and penetrate the support level of $18.1, the support level of $17.7 may be reached and there is possibility that $16.4 level may be tested. Should the bulls defend the support level of $18.1, price may reverse and face the resistance levels of $18.8, $19.4 and $20.45.
XAGUSD Medium-term Trend: Bearish
XAGUSD is on the bearish movement on 4-hour chart. When the sellers exerted more pressure, the White metal penetrated the former support level of $18.8 and $19.4 downside last week. The support level of $18.1 is tested twice. It seems the bearish momentum is becoming weak. Double bottom chart patter formation is in process at the support level of $18.1. There is tendency for price to increase.
Silver price is trading above the 9 periods EMA and 21 periods EMA. The Relative Strength Index period 14 is at 43 levels with the signal line displaying a bullish signal.
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