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Silver (XAGUSD) Price Tests $21, Further Price Declination Is Possible – Cryptovibes.com – Daily Cryptocurrency and FX News

Silver (XAGUSD) Price Tests $21, Further Price Declination Is Possible – Cryptovibes.com – Daily Cryptocurrency and FX News


SILVER Weekly Price Analysis – September 26

Bearish movement may continue as the support level of $21 has been tested, further bearish pressure may decrease the price to $19 and $18 support levels. In case the support level of $21 is defended by the bulls, bullish trend may commence and face 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. Silver price has been obeying the command of the sellers since September 07 when the evening star candle pattern formed. Price declines with the formation of big bearish candles. The former support level of $23 has turned to resistance level. Last week, the bearish movement extends to $22, broke it down and tested $21 support level. More pressure from the bears may leads to further price declination.

Silver daily chart, September 26

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 indicates that bears are in control of the Silver’s market. Bearish movement may continue as the support level of $21 has been tested, further bearish pressure may decrease the price to $19 and $18 support levels. In case the support level of $21 is defended by the bulls, bullish trend may commence and face the $22, $23 and $24 resistance levels.

 XAGUSD Medium-term Trend: Bearish

XAGUSD is on the bearish movement on 4-hour chart. The sellers’ momentum increased and the price decreased to test the support level of $21 on September 20. It bounced up and retest the resistance level of $22. It consolidates for many hours at the just mentioned level before it decline to retest the support level of $21.

Silver 4 hour chart, September 26

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



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