SILVER Weekly Price Analysis – June 23
The Bulls momentum broke up the 21 and 50 periods EMA, the price may find its resistance at $15 price level provided the Bulls maintains its pressure, nevertheless pullback is inevitable.
Resistance levels: $15, $17, $20
Support levels: $14, $11, $9
XAGUSD Long-term trend: Bullish
XAGUSD (Silver ) is bullish on the long-term outlook. Last two weeks, the Silver market closed bearish; it serves as the pullback for the bullish trend in the Silver market. Last week, the Bulls returned to the market with increased momentum and the Silver price moved up towards the resistance level of $15. The Last week market closed with a strong bullish candle above the dynamic support and resistance level which implies that the price may continue its increment.
The Silver price has broken up the two EMAs; that is the Silver is trading above the 21 periods EMA and 50 periods EMA which indicates that the Bulls are in control of the Silver market. Meanwhile, the Stochastic Oscillator period 14 is at 50 levels with the signal lines pointing upside which connotes buy signal. The Bulls momentum broke up the 21 and 50 periods EMA, the price may find its resistance at $15 price level provided the Bulls maintains its pressure, nevertheless pullback is inevitable.
XAGUSD Medium-term Trend: Bullish
XAGUSD is bullish on the daily chart. After the pullback that took place on June 10, the Silver price has been a rally towards the north side, broke up the former resistance level of $15. Price retracement was carried out on June 21.
The stochastic Oscillator period 14 is above 75 levels with the signal lines pointing up to indicates buy signal.
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