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Support Level of $27 Is Penetrated Downside, Further Price Decrease Envisaged – Cryptovibes.com – Daily Cryptocurrency and FX News

Support Level of $27 Is Penetrated Downside, Further Price Decrease Envisaged – Cryptovibes.com – Daily Cryptocurrency and FX News


SILVER Weekly Price Analysis – June 20

Further price decrease envisaged. In case bears increase their momentum, the support level at $24 may be broken downside and the price may decrease to $23 and $21 price levels. Should the bulls oppose the bears, the price may reverse and face the resistance level of $25, $27 and $29.

XAGUSD Market

Key Levels:

Resistance levels: $25, $27, $29

Support levels: $24, $23, $21

XAGUSD Long-term trend: Bearish

XAGUSD is bearish on the long-term outlook. Two weeks ago, the metal was on the ranging movement throughout. The resistance level of $28 holds and the support level of $27 remains strong to the bears; the currency pair was moving within $28 and $27 price level. Last week, the bears finally prevails and the support level of $27 was broken down. The price moves down towards the $25 support level. The mentioned level was penetrated and the price exposes to $24 level.

Silver daily chart, June 20

The Silver price is trading below the 9 periods EMA and 21 periods EMA as an indication that the bears are in control of the silver market. The weekly market closed below the $25 level, further price decrease envisaged. In case bears increase their momentum, the support level at $24 may be broken downside and the price may decrease to $23 and $21 price levels. Should the bulls oppose the bears, the price may reverse and face the resistance level of $25, $27 and $29.

 XAGUSD Medium-term Trend: Ranging

XAGUSD is on the bearish movement on 4-hour chart. The bears gathered enough momentum to break down the support level of $27. The pressure increases and the price decreases. The bears have got enough momentum to penetrate the support level of $25. Ranging movement seized in the Silver market on 4-hour chart.

Silver 4 hour chart, June 20

Silver price is trading below the 9 periods EMA and 21 periods EMA. The Relative Strength Index period 14 is below 30 levels with the signal line pointing down to indicate sell signal.



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