Silver (XAGUSD) Price: Will There Be a Bullish Breakout at $21.7 Level?

Bullish movement placed Silver at $21.7 Level

SILVER Weekly Price Analysis – November 10

In case the bulls exert more pressure, the resistance level of $21.7 may be a broken upside, Silver may increase and test the resistance levels of $22.1, and $23.0. Should the bears oppose bulls at $21.7 level, the price may break down the support level of $21.2, the price may decrease to the support levels of $20.4 and $19.5.

XAGUSD Market

Key Levels:

Resistance levels: $21.7, $22.1, $23.0

Support levels: $21.2, $20.4, $19.5

XAGUSD Long-term trend: Bullish

XAGUSD is bullish on the long-term outlook. After the setback experienced by the bulls last two weeks, the white metal commences a strong bullish movement.  A strong big daily bullish candle formed which broke up the resistance level of $20. After a brief pullback, buyers gain more pressure and the resistance level of $21.2 is penetrated to test the $21.7 level.

Silver is trading above the 9 periods EMA and 21 periods EMA which indicates that buyers are in control of the Silver market. In case the bulls exert more pressure, the resistance level of $21.7 may be a broken upside, the price may increase and test the resistance levels of $22.1, and $23.0. Should the bears oppose bulls at $21.7 level, the price may break down the support level of $21.2, the price may decrease to the support levels of $20.4 and $19.5.

XAGUSD Medium-term Trend: Bullish

XAGUSD is on a bullish movement on the 4-hour chart. The price action formed a “W” chart pattern at the support level of $18.1; this is an indication that buyers are ready to dominate the Silver market. Price soars toward the north with the formation of bullish candles. Today, the high of $21.7 is tested.

Silver price is trading above the 9 periods EMA and 21 periods EMA at distance. The Relative Strength Index period 14 is at 67 levels with the signal line displaying a bullish signal.

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