SILVER Weekly Price Analysis – October 03
Bullish movement may continue as the price bounced up at support level of $21, further bullish pressure may increase the price to $23 and $24 resistance levels. In case the support level of $21 is penetrated by the bears, bearish trend may continue and face the $21, $20 and $19 support levels.
XAGUSD Market
Key Levels:
Resistance levels: $22, $23, $24
Support levels: $21, $20, $19
XAGUSD Long-term trend: Bearish
On the long-term outlook, XAGUSD is bearish. The resistance level of $24 holds the Silver price since September 03. An evening star candle pattern emerged at the same level which indicate a bearish signal. More bearish candles were produced and the price reduced accordingly. The former support levels of $23 and $22 has turned to resistance levels, meaning that it has been penetrated downside. The support level of $21 was reached and it bounces up before the Silver market closed.
The price has crossed the fast moving Average (9 periods EMA) upside targeting the slow moving Average (21 periods EMA). Silver is trading between the 9 periods EMA and 21 periods EMA which indicates that bulls are gradually taken over the Silver’s market. Bullish movement may continue as the price bounced up at support level of $21, further bullish pressure may increase the price to $23 and $24 resistance levels. In case the support level of $21 is penetrated by the bears, bearish trend may continue and face the $21, $20 and $19 support levels.
XAGUSD Medium-term Trend: Bullish
XAGUSD is on the bullish movement on 4-hour chart. When the price broke down the former support level of $22, the price commences a consolidation around the level. The bears gained more pressure and pushed the price to the support level of $21. The just mentioned level rejects the price and bullish candles were produced. Price increases to break up the dynamic resistance levels.
Silver price is trading above the 9 periods EMA and 21 periods EMA. The Relative Strength Index period 14 is at 60 levels with the signal line displaying bullish signal.
