Silver (XAGUSD) Price Tests $17 support Level, What Next?l

SILVER Weekly Price Analysis – July 21

Should the bulls defend the support level of $17, price may reverse and face the resistance levels of $18, $19 and $20. In case the bears push down the price to break down the support level of $17, the price may decrease to the support levels of $16 and $15.

XAGUSD Market

Key Levels:

Resistance levels: $18, $19, $20

Support levels: $17, $16, $15

XAGUSD Long-term trend: Bearish

XAGUSD is bearish on the long-term outlook. The white metal did made a tangible change in the price it was two weeks ago. The former support level of $20 did not hold and the bears could break down the level. The bulls tried to push up the price but the resistance of the bears was strong. Last week, the metal broke down the $19 and $18 price levels. Bearish pressure prevailed over the bullish and the support level of $17 is tested.

Silver is trading below the 9 periods EMA and 21 periods EMA which indicates that bears holds unto the Silver market. Should the bulls defend the support level of $17, price may reverse and face the resistance levels of $18, $19 and $20. In case the bears push down the price to break down the support level of $17, the price may decrease to the support levels of $16 and $15.

XAGUSD Medium-term Trend: Bearish

XAGUSD is on the bearish movement on 4-hour chart. When the metal bounced off of the resistance level of $20, the price pulled back and tested $19 level. The bears’ pressure increased and push the price to penetrate the former support level of $19 and $18. Before the end of last week, price decreases and tested the support level of $17.

Silver price is trading below the 9 periods EMA and 21 periods EMA. The Relative Strength Index period 14 is at 28 levels with the signal line displaying a bearish signal.