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Silver (XAGUSD) Price Breaks Down $22 Support Level Targeting $21 Level – Cryptovibes.com – Daily Cryptocurrency and FX News

Silver (XAGUSD) Price Breaks Down $22 Support Level Targeting $21 Level – Cryptovibes.com – Daily Cryptocurrency and FX News


SILVER Weekly Price Analysis – September 19

Bearish momentum may continue and the support level of $21 may be reached, which may extend to $19 and $18 support levels. In case the support level of $21 holds, bullish trend may commence and it may reach the $22, $23 and $24 resistance levels.

XAGUSD Market

Key Levels:

Resistance levels: $22, $23, $24

Support levels: $21, $19, $18

XAGUSD Long-term trend: Bearish

XAGUSD is bearish on the long-term outlook. The sudden price reverse that took place at the resistance level of $24 on 06 September was against the expectation of many traders. Many traders belief that Silver price will increase above $24 level but the Dollar strength increased and the Silver price dropped. The price has penetrated downside the former support level of $23 and $22. Silver market closed below the support level of $22 targeting the $21 level before weekly market closed.

Silver Daily chart, September 19

The fast moving Average (9 periods EMA) has cross over the slow moving Average (21 periods EMA) downside. Silver is trading below the 9 periods EMA and 21 periods EMA which is an indication that bears’ momentum is increasing in the Silver market. Bearish momentum may continue and the support level of $21 may be reached, which may extend to $19 and $18 support levels. In case the support level of $21 holds, bullish trend may commence and it may reach the $22, $23 and $24 resistance levels.

 XAGUSD Medium-term Trend: Bearish

XAGUSD is on the bearish movement on 4-hour chart. The interruption of the bulls in the Silver market at the $24 price level has made the metal to remain under the bears’ pressure. The bears gained more pressure after a short period of consolidation at the mentioned resistance level. The price declines to break down the support level of $22 before weekly market closed.

Silver 4 hour chart, September 19

Silver price is trading below the 9 periods EMA and 21 periods EMA. The Relative Strength Index period 14 is below 40 levels with the signal line displaying strong bearish direction.



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