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Movement May Be Restored to Silver market
Restoration of bullish movement to the Silver market
SILVER Weekly Price Analysis – November 03
Should the bears exert more pressure, the support level of $18 may be broken downside, price may decrease and test the support levels of $17, and $16. In case the bulls oppose bears at $18 level, the price may break up the resistance level of $19, Silver may increase to the resistance levels of $30 and $21.
Resistance levels: $19, $20, $21
Support levels: $18, $17, $16
XAGUSD Long-term trend: Bullish
XAGUSD is bullish on the long-term outlook. There was a setback for the bulls last week. The white metal commences bullish movement when the price tested the support level of $18. It did made a fantastic change in the price by increasing towards the resistance level of $20. Last week, the price could not reach the level when the sellers interrupt the bulls. At the moment, Silver is pulling back.
Silver is trading slightly below the 9 periods EMA and 21 periods EMA which indicates that, today, bears are in control of the Silver market. Should the bears exert more pressure, the support level of $18 may be broken downside, price may decrease and test the support levels of $17, and $16. In case the bulls oppose bears at $18 level, the price may break up the resistance level of $19, the price may increase to the resistance levels of $30 and $21.
XAGUSD Medium-term Trend: Bearish
XAGUSD is on the bearish movement on 4-hour chart. The metal formed a double bottom chart pattern on 4 hour time frame. It bounced up when it tested the support level of $18 two times. The price reached the $20 zone before sellers interrupted. It pulled back and tested $19 level. I seems the bulls are gathering momentum to take over the market.
Silver price is trading below the 9 periods EMA and 21 periods EMA at close contact. The Relative Strength Index period 14 is at 50 levels with the signal line displaying a bullish signal.
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