SILVER Weekly Price Analysis – July 14
The price has touched the upper trend line of the descending channel formed; there is a tendency for the Silver price to decline towards the lower trend line at $14 level.
Resistance levels: $15, $17, $20
Support levels: $14, $11, $9
XAGUSD Long-term trend: Ranging
On the long-term outlook, XAGUSD (Silver) is Ranging. Three weeks ago, the Silver market closed with a gravestone Doji candle. The following week, it was bearish and the price closed below the two EMAs. Last week, the bearish movement was opposed by the Bulls and resulted in the consolidation of the price at the dynamic support and resistance level.
The Silver price is trading between the 21 periods EMA and 50 periods EMA; this is the level it was for three weeks. This indicates that the price is just ranging at the same level. The Stochastic Oscillator period 14 is above 60 levels with the signal lines trying to bend down to connotes sell signal. The price has touched the upper trend line of the descending channel formed; there is a tendency for the Silver price to decline towards the lower trend line at $14 level.
XAGUSD Medium-term Trend: Bearish
XAGUSD is bearish on the daily chart. Last week, the bullish momentum pushed the price on the daily chart to test the upper level of the channel and the price seems to be reversing with the formation of bearish candles. The market closed with the bullish candle.
The price is consolidating on the two EMAs. Nevertheless, the Stochastic Oscillator period 14 is below 50 with the signal line pointing up to connotes buy signal.
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