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An Inverted Head and Shoulder Pattern, Bulls Are Dominating – Cryptovibes.com – Daily Cryptocurrency and FX News

An Inverted Head and Shoulder Pattern, Bulls Are Dominating – Cryptovibes.com – Daily Cryptocurrency and FX News


SILVER Weekly Price Analysis – October 17

Bullish movement may continue as the resistance level of $22 has been broken upside, further bullish pressure may break up $23 level and increase the price to $24 and $25 resistance levels. In case the resistance level of $23 is defended by the bears, Silver price may decrease and face the $22, $21 and $19 support levels.

XAGUSD Market

Key Levels:

Resistance levels: $23, $24, $25

Support levels: $22, $21, $19

XAGUSD Long-term trend: Bullish

XAGUSD is bullish on the long-term outlook. Silver price action has formed a chart pattern called an inverted “Head and Shoulder” on the daily chart which is a bullish reversal pattern. The price has broken up $22 level aiming at $23 before weekly market closed. It was pulling back before the closing of the market. There is tendency that bulls will resume and dominate Silver market next week.

Silver Daily chart, October 17

The fast moving Average (9 periods EMA) has cross 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 $22 has been broken upside, further bullish pressure may break up $23 level and increase the price to $24 and $25 resistance levels. In case the resistance level of $23 is defended by the bears, Silver price may decrease and face the $22, $21 and $19 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 $21 on September 29. It increases to $22 price level where it started a consolidation movement for many days. On October 13, the bulls broke up the mentioned level and increased towards $23 price level. Sellers’ pressure interrupted the bulls and it pulls back to retest the dynamic support level.

Silver 4 hour chart, October 17

Silver price is trading between the 9 periods EMA and 21 periods EMA. The Relative Strength Index period 14 is at 60 levels with the signal line displaying bearish signal.



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