SILVER Weekly Price Analysis – September 01
In case the Bulls were able to break up the resistance level of $18, the next target will be $19 price level. Should the resistance level of $17 hold the price, there may be a consolidation or pullback of the price at the level.
Resistance levels: $18, $19, $21
Support levels: $17, $15, $14
XAGUSD Long-term trend: Bullish
XAGUSD (Silver) is Bullish on the long-term outlook. The bears could not defend the resistance level of $17 due to the increase in the Bulls’ momentum. The resistance level of $17 was broken up and the price increased towards the resistance level of $18 last week. The market closed with a strong massive bullish candle which connotes that the bulls’ momentum is strong in the Silver market.
The 21 periods EMA has crossed the 50 periods EMA upside as a confirmation of an uptrend and the Silver price is trading above the two EMAs at a far distance to each other. In case the Bulls were able to break up the resistance level of $18, the next target will be $19 price level. Should the resistance level of $18 hold the price, there may be a consolidation of the price or pullback at the level. Meanwhile, the Stochastic Oscillator period 14 is above 80 levels with the signal lines pointing up to indicate a further increase in price.
XAGUSD Medium-term Trend: Bullish
XAGUSD is bullish on the daily chart. The price action has formed an ascending channel on the daily chart. Since July 12 after the bullish breakout, the price has been making higher highs within the channel. The price has tested the upper trend line of the channel at the resistance level of $18 and it pulled back. There is a tendency for the metal to pull back and test the lower trend line of the channel before the continuation of the uptrend.
The Stochastic Oscillator period 14 is above 80 levels with the signal lines pointing down to indicate a sell signal.
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