SILVER Weekly Price Analysis – November 24
In case the bears increase their momentum, the price may be decreased to the support level of $15. On the other hand, consolidation may continue provided the resistance level of $17 still holds.
Resistance levels: $17, $18, $19
Support levels: $15, $14, $13
XAGUSD Long-term Trend: Bearish
XAGUSD (Silver) is bearish on the long-term outlook. The bears exerted more pressure on the former support level of $17, broke its downside and it decreases towards the support level of $15. The Bulls interrupted and the price carried out retracement towards the broken level of $17. Last week, the price pulled back.
The two EMAs are tightly close to each other horizontally flat at the $17 price level and the Silver price continues its trading below the 21 periods EMA and the 50 periods EMA. Last week, the Silver market closed with a daily bearish candle, which indicates that Silver price may decrease towards the support level $15 provided the Bears’ momentum increases. In case the Bears’ momentum remains the same as that of Bulls, consolidation may continue. The Stochastic Oscillator period 14 is above 20 levels with the signal lines pointing down to indicate sell signal.
XAGUSD Medium-term Trend: Ranging
XAGUSD is ranging on the medium chart. The Bears’ momentum remains weak after it penetrated the $17 price level downside. The Bulls’ pressure is low; price consolidation continues between and around the dynamic support and resistance level.
The two EMAs are horizontally flat below the $17 price level and the Silver price is hovering over the 21 periods EMA and 50 periods EMA. The Stochastic Oscillator period 14 is at 40 levels with the signal lines pointing down to indicate a sell signal.
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