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Silver (XAGUSD) Price: Bears Interrupts Bulls at $24 Level, Further price Declination Envisaged

 SILVER Weekly Price Analysis – September 12

Bears interrupted the bulls at $24 price level, price decreases towards the support levels of $22, after penetrates $23 price level, barrier can be found at $21 and $19 price levels.  In case $22 price level holds, price may reverse and face the resistance levels at $23, $24 and $25.

XAGUSD Market

Key Levels:

Resistance levels: $23, $24, $25

Support levels: $22, $21, $19

XAGUSD Long-term trend: Bearish

On the long-term outlook, XAGUSD is bearish. The Silver market played against the expectation of many traders last week. It was the belief of many traders that Silver price will increase above $24 level but the Dollar strength increased last week and the Silver price dropped. On 06 September, an evening star chart pattern formed followed with strong daily candles, the price declines below $23 support level. Further price declination envisaged.

Silver daily chart, September 12

The fast moving Average (9 periods EMA) is bending towards the slow moving Average (21 periods EMA). Silver is trading below the 9 periods EMA and 21 periods EMA which is an indication that bears are dominating the market. Bears interrupted the bulls at $24 price level, price decreases towards the support levels of $22, after penetrates $23 price level, barrier can be found at $21 and $19 price levels.  In case $22 price level holds, price may reverse and face the resistance levels at $23, $24 and $25.

 XAGUSD Medium-term Trend: Bearish

XAGUSD is on the bearish movement on 4-hour chart. Silver metal was interrupted at the $24 price level, there was a brief price consolidation at the just mentioned level. The bears gained more pressure and the price decline to break down the support level of $23 before market closed.

Silver 4 hour chart, September 12

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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