SILVER Weekly Price Analysis – June 30
In case the resistance level of $15 holds, the price may return to the support level of $14. Should the bullish momentum break up the $15 level and the bullish candle closes above the level, the price may target the resistance level of $17.
Resistance levels: $15, $17, $20
Support levels: $14, $11, $9
XAGUSD Long-term trend: Bullish
XAGUSD (Silver ) is bullish on the long-term outlook. After the breakout that happened at the dynamic resistance level upper week. The price moved towards the resistance level of $15 but unable to reach the mark. The price experienced a pullback as it was predicted on June 23. Last week, the Silver market closed bearish with the formation of grave Doji candle. This scenario may serve as a pullback for the uptrend in the Silver market.
The Silver price is trading above the 21 periods EMA and 50 periods EMA which indicates that the Bulls are still in control of the Silver market. Meanwhile, the Stochastic Oscillator period 14 is above 50 levels with the signal lines pointing upside which indicates buy signal. In case the resistance level of $15 holds, the price may return to the support level of $14. Should the bullish momentum break up the $15 level and the bullish candle closes above the level, the price may target the resistance level of $17.
XAGUSD Medium-term Trend: Bullish
XAGUSD is bullish on the daily chart. Throughout last week, the Bears were slowly pushing the price back towards the dynamic support level at the two EMAs level. The 21 periods EMA has crossed over the 50 periods EMA upside but the Bears held the market last week.
The stochastic Oscillator period 14 is currently above 75 levels with the signal lines pointing down to indicates sell signal.
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