SILVER Weekly Price Analysis – August 04
The Silver price may increase further towards the resistance level of $17 provided the Bulls maintain their momentum and the Silver price may surpass the resistance level of $17.
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 Bulls were fully in control of the Silver market for more than three weeks. The price was increasing steadily towards the resistance level of $17. Last week was an exemption as the price experience a pullback. The Bears eventually dominated the Silver market last week. The Silver market closed with a bearish weekly candle.
After the broken up of the two EMAs, the price maintains its trading above the 21 periods EMA and 50 periods EMA. Meanwhile, the Stochastic Oscillator period 14 is at 80 levels with the signal lines pointing up which indicates a buy signal. The Silver price may increase further towards the resistance level of $17 provided the Bulls maintain their momentum and the Silver price may surpass the resistance level of $17.
XAGUSD Medium-term Trend: Bullish
XAGUSD is bullish on the medium-term outlook. The Silver price experienced the interruption of the Bears as it was increasing towards the $17 price level last week. The price pulled back to retest the broken level of $15 but found support at the dynamic level 21 periods EMA.
The price retested the 21 periods EMA before the market closed and 50 periods EMA is below the two. The price is closer to the two EMAs which indicates a weak bullish momentum in the Silver 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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