in

Silver (XAGUSD) Price Is Range-Bound Within $22 and $21 Price Level – Cryptovibes.com – Daily Cryptocurrency and FX News

Silver (XAGUSD) Price Is Range-Bound Within $22 and $21 Price Level – Cryptovibes.com – Daily Cryptocurrency and FX News


SILVER Weekly Price Analysis – October 10

Bearish movement may continue provided support level of $21 is penetrated by the bears, then, further bearish pressure may decrease the price to $19 and $18 support levels. In case the bulls break up the resistance level of $22, bullish trend may commence and face the $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. Silver price could not display significant trend last week due to the low momentum from the buyers and the sellers. It means that the metal is confined within a range. The resistance level of $22 holds and the buyers’ pressure could not break it up, likewise the support level of $21 was defended by the bulls, preventing the bears from breaking down the level.

Silver daily chart, October 10

The fast moving Average (9 periods EMA) remains below the slow moving Average (21 periods EMA). Silver is trading between the 9 periods EMA and 21 periods EMA which indicates that bears’ momentum and that of bulls are equal. Bearish movement may continue provided support level of $21 is penetrated by the bears, then, further bearish pressure may decrease the price to $19 and $18 support levels. In case the bulls break up the resistance level of $22, bullish trend may commence and face the $23 and $24 resistance levels.

 XAGUSD Medium-term Trend: Bullish

XAGUSD is on the bullish movement on 4-hour chart. The price was on the range-bound movement last week. It was moving within the $22 resistance level and $21 support level. The US Non-farm pay roll news triggered the bullish movement that broke up the resistance level of $22. The bears quickly reacted against the movement and returned the price to $22 level.

Silver 4-hour chart, October 10

Silver price is trading above the 9 periods EMA and 21 periods EMA. The Relative Strength Index period 14 is at 50 levels with the signal line displaying bearish signal.



Source link

Leave a Reply

Your email address will not be published. Required fields are marked *

GIPHY App Key not set. Please check settings

What do you think?

Daily Discussion, October 08, 2021

You are not too late, here’s why: