SILVER Weekly Price Analysis – June 16
Further increase in the Silver price is highly envisaged. As long as the Bulls momentum breaks up the 50 periods EMA, the price may find its resistance at $15 price level.
Resistance levels: $15, $17, $20
Support levels: $14, $11, $9
XAGUSD Long-term trend: Bearish
On the long-term outlook, XAGUSD (Silver ) is bearish. The Bulls were unable to push the Silver price above the dynamic resistance level. Initially, the Bulls were in control of the Silver market but found it difficult to penetrate the barrier at the 50 periods EMA. The Bears took over the Silver market and the price was pulled back towards the south, at the same time the Bulls also prevented further reduction in the Silver price. Last week market closed with the bearish candle after the struggle between the Bulls and the Bears.
The Silver price retains its direct contact with the 21 periods EMA and the 50 periods EMA above the two; which implies weak bullish and bearish momentum. The Stochastic Oscillator period 14 is at 25 levels with the signal lines pointing upside to connote buy signaling. Further increase in the Silver price is highly envisaged. As long as the Bulls momentum breaks up the 50 periods EMA, the price may find its resistance at $15 price level.
XAGUSD Medium-term Trend: Bullish
XAGUSD is bullish on the daily chart. The Silver price was bullish last two weeks on the daily chart with the candles pushing up the price towards $15 level. On June 10, the Silver price had a pullback with the formation of a strong bearish candle and the price returned to the $14 price level.
The Silver price is slightly above the 50 periods EMA and 21periods EMA is below the two. The stochastic Oscillator period 14 is above 50 levels with the signal lines pointing up to indicates buy signal. In case the Bears gain more pressure the price may return to the previous low of $14 level.
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