Silver (XAGUSD) Price Pulls Back at $21 Resistance Level

Buyers are dominating the Silver market

SILVER Weekly Price Analysis – October 06

An increase in the bulls’ pressure may increase Silver price to $21, $22 and $23 resistance levels. In case the bears oppose bulls at $21 level, the price may break down the support level of $20, the price may decrease 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 white metal has formed a triple bottom chart pattern on the daily time frame. It did made a fantastic change in the price last week. It was initially bearish and the price tested $18 support level. Bulls exerted more pressure and broke up the resistance levels of $18, $19 and $20.  Buyers are dominating market at moment, and the price tested the resistance level of $21.

Silver is trading slightly above the 9 periods EMA and 21 periods EMA at distance which indicate that bulls are dominating Silver market. An increase in the bulls’ pressure may increase the price to $21, $22 and $23 resistance levels. In case the bears oppose bulls at $21 level, the price may break down the support level of $20, the price may decrease to the support levels of $19 and $18.

XAGUSD Medium-term Trend: Bullish

XAGUSD is on the bullish movement on 4-hour chart. The metal retraced from the resistance level of $20 to the support level $18 and bounced up. The resistance levels of $18, $19, and $20 is broken upside. The $21 resistance level is tested. At the moment, the price is pulling back to retest the support level of $20.

Silver price is trading above the 9 periods EMA and 21 periods EMA. The Relative Strength Index period 14 is at 58 levels with the signal line displaying a bearish signal.