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A Double Bottom Chart Pattern, Bulls Are Dominating – Cryptovibes.com – Daily Cryptocurrency and FX News

A Double Bottom Chart Pattern, Bulls Are Dominating – Cryptovibes.com – Daily Cryptocurrency and FX News


SILVER Weekly Price Analysis – July 31

Bullish movement may continue as the resistance level of $20 has been tested, further bullish pressure may break up $20 level and increase the price to $21 and $22 resistance levels. In case the resistance level of $20 is defended by the bears, Silver price may decrease and face the $19, $18 and $17 support levels.

XAGUSD Market

Key Levels:

Resistance levels: $20, $21, $22

Support levels: $19, $18, $17

XAGUSD Long-term trend: Bullish

XAGUSD is bullish on the long-term outlook. Silver price action has formed a chart pattern called double bottom chart pattern on the daily chart which is a bullish reversal pattern. The price has broken up $19 level aiming at $20 resistance level before weekly market closed. The bulls’ momentum is strong and there is tendency that bullish movement will continue in the Silver market next week.

The fast moving Average (9 periods EMA) is crossing over the slow moving Average (21 periods EMA) upside. Silver is trading above the 9 periods EMA and 21 periods EMA which indicates that bulls are in control of the Silver’s market. Bullish movement may continue as the resistance level of $20 has been tested, further bullish pressure may break up $20 level and increase the price to $21 and $22 resistance levels. In case the resistance level of $20 is defended by the bears, Silver price may decrease and face the $19, $18 and $17 support levels.

 XAGUSD Medium-term Trend: Bullish

XAGUSD is on the bullish movement on 4-hour chart. The metal bounced up when it tested the support level of $18 on July 21. It increases to $19 price level where bulls exerted more pressure and broke it up. The bulls equally broke up the resistance level of $19.

Silver price is trading above the 9 periods EMA and 21 periods EMA. The Relative Strength Index period 14 is at 81 levels with the signal line displaying bullish signal.



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