SILVER Weekly Price Analysis – July 21
There is a tendency that the bullish movement will continue after the pullback because the week was closed with a strong bullish candle.
Resistance levels: $17, $19, $20
Support levels: $15, $14, $11
XAGUSD Long-term trend: Bullish
On the long-term outlook, XAGUSD (Silver) is Bullish. The metal was consolidating near the former resistance level at $15 within the descending channel two weeks ago. Last week, the barrier at the price level of $15 could not hold the price; there was a bullish breakout from the descending channel at the former resistance level of $15. The price rallied towards the resistance level of $17. There was a brief pullback towards the end of the last week.
The Silver price is currently trading above the 21 periods EMA and 50 periods EMA; this indicates strong bullish momentum in the Silver market. The Stochastic Oscillator period 14 is above 60 levels with the signal lines pointing up to connotes buy signal. There is a tendency that the bullish movement will continue after the pullback because the week was closed with a strong bullish candle.
XAGUSD Medium-term Trend: Bullish
XAGUSD is bullish on the daily chart. The Bulls gained enough momentums last week, strong bullish candles were produced which broke out the price out of the descending channel. The Bullish momentum increased further and broke up the resistance level of $15. The price increased towards the $17 price level.
The price is trading above the 21 periods EMA and 50 periods EMA at a farther distance to each other as a sign of strong bullish momentum. The pullback was observed before the closing of the last week market. Meanwhile, the Stochastic Oscillator period 14 is above 75 levels with the signal lines pointing up which indicates buy signal.
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