SILVER Weekly Price Analysis – July 28
Further increase in the Silver price is highly envisaged. Provided the Bulls maintain their momentum Silver price may reach the resistance level of $17.
Resistance levels: $17, $19, $20
Support levels: $15, $14, $11
XAGUSD Long-term trend: Bullish
XAGUSD (Silver) is Bullish on the long-term outlook. There was a bullish breakout at the former resistance level at $15 on July 15 with the formation of a strong bullish candle. Last week Silver market started with a bullish momentum that pushed up the metal towards the resistance level of $17. Before the end of last week market, the price decreased and that is why we have a bullish candle with an upper long tail.
The Silver price has broken up the two EMAs and it is currently trading above the 21 periods EMA and 50 periods EMA with two strong bullish candles above the level. Meanwhile, the Stochastic Oscillator period 14 is at 70 levels with the signal lines pointing up to connotes buy signal. Further increase in the Silver price is highly envisaged. Provided the Bulls maintain their momentum Silver price may reach the resistance level of $17.
XAGUSD Medium-term Trend: Bullish
XAGUSD is bullish on the daily chart. The Bulls maintain their momentum on the daily chart after a bullish breakout that took place on July 17 at $15 price level with the formation of strong bullish candles. The Bullish momentum increased towards the resistance level of $17.
The price continues trading above the 21 periods EMA and 50 periods EMA at a farther distance to each other which indicates a strong bullish momentum in the Silver market. There was a pullback towards the end of last week market. However, the Stochastic Oscillator period 14 is above 80 levels with the signal lines pointing down which indicates sell signal which may be a pullback.
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