Previous Low at $20.45 May Be Tested Before Bullish Movement Commence – Cryptovibes.com – Daily Cryptocurrency and FX News

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SILVER Weekly Price Analysis – June 26

Should the bulls defend the support level of $20.45, price may reverse and face the resistance levels of $21.25, $21.75 and $22.16. In case the bears penetrate the support level of $20.45 the support level of $19.8 may be reached and there is possibility that $18.5 level may be tested.

XAGUSD Market

Key Levels:

Resistance levels: $21.25, $21.75, $22.16

Support levels: $20.45, $19.8, $18.5

XAGUSD Long-term trend: Bearish

XAGUSD is bearish on the long-term outlook. The Sellers exert more pressure on white metal and the price action formed a double bottom chart pattern on the daily chart. The sellers gained momentum and the price started bearish movement last two weeks. The sellers’ momentum increases in the Silver market and the price reached the previous support level of $20.45.

Silver is trading below the 9 periods EMA and 21 periods EMA which indicates that bears are dominating the Silver market. Should the bulls defend the support level of $20.45, price may reverse and face the resistance levels of $21.25, $21.75 and $22.16. In case the bears penetrate the support level of $20.45 the support level of $19.8 may be reached and there is possibility that $18.5 level may be tested.

XAGUSD Medium-term Trend: Bearish

XAGUSD is on the bearish movement on 4-hour chart. White metal was trying to experience a bullish reversal at the support level of $20.4 with the formation of double bottom chart pattern. The bulls’ pressure may increase and push the price towards the resistance level of $21.25. At the moment, buyers are opposing the sellers and the price may increase towards north side.

Silver price is trading slightly below the 9 periods EMA and 21 periods EMA. The Relative Strength Index period 14 is at 44 levels with the signal line displaying a bullish signal.

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