Silver (XAGUSD) Price: Will There Be a Further Reduction?

SILVER Weekly Price Analysis – September 01

In case the bulls defend the support level of $17.7, price may reverse and face the resistance levels of $18.8, $19.4 and $20.4. Should the bears push the price to break down the support level of $17.7, the support level of $16.5 may be reached and there is possibility that $15.3 level may be tested.

XAGUSD Market

Key Levels:

Resistance levels: $18.8, $19.4, $20.4

Support levels: $17.7, $16.5, $15.3

XAGUSD Long-term trend: Bearish

XAGUSD is bearish on the long-term outlook. Last two weeks, the Silver market closed slightly below the support level of $19.4. The sellers’ momentum increased, in other words, there was more pressure on white metal and the double bottom chart pattern formed on the daily chart was disrupted. Bears gained momentum and the price broke down the support level of $19.4 and $18.8, it is currently facing the support level of $17.7.

White metal is trading below the 9 periods EMA and 21 periods EMA which indicates that bears are dominating the Silver market. In case the bulls defend the support level of $17.7, price may reverse and face the resistance levels of $18.8, $19.4 and $20.4. Should the bears push the price to break down the support level of $17.7, the support level of $16.5 may be reached and there is possibility that $15.3 level may be tested.

XAGUSD Medium-term Trend: Bearish

XAGUSD is on the bearish movement on 4-hour chart. The bears hold unto the White metal market. The former support level of $18.8 and $19.4 has turned to resistance level when the sellers exerted more pressure. The double bottom chart patter that was in process of formation disrupted. The bears’ pressure may increase and push the price below the support level of $17.7. At the moment, Silver price is testing $17.7 support level.

Silver price is trading below the 9 periods EMA and 21 periods EMA. The Relative Strength Index period 14 is at 43 levels with the signal line displaying a bearish signal.

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