SILVER Weekly Price Analysis – May 19
After the pullback, the bears may resume with full bearish pressure and the Silver price may decline to $11 price level. IN case the Bulls defend the $14 price level, the Silver price may reach $15 price level.
Resistance levels: $14, $15, $17
Support levels: $11, $9, $7
XAGUSD Long-term trend: Bearish
XAGUSD (Silver) is still bearish on the long-term outlook; Last week was dominated by the Bulls; that is why a bullish weekly candle emerged. This could be a price retracement or pullback to retest the broken level. The Bears are still in control of the Silver (XAGUSD) market, but with weak momentum. The Silver price is directly on the $14 level.
The Silver price remains trading below 21 periods EMA and 50 periods EMA. The two EMAs maintain its bearish direction and the distance between the Silver price; this symbolizes a bearish momentum in the Silver market. After the pullback, the bears may resume with full bearish pressure and the Silver price may decline to $11 price level. IN case the Bulls defend the $14 price level, the Silver price may reach $15 price level.
XAGUSD Medium-term Trend: Bearish
On the daily chart, XAGUSD is on the bearish trend. The Bears would not let the Silver price go as the bearish trend continues on the daily chart. The price is making lower lows towards the $11 price level. The price action has already formed a descending channel on the daily chart.
The 21 period EMA and the 50 periods EMA remains above the silver price with the increase in the gap between the two EMAs. The Relative Strength Index period 14 is at 40 levels with the signal line pointing down to indicate a sell signal.
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