SILVER Weekly Price Analysis – December 01
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: $16, $15, $14
XAGUSD Long-term Trend: Ranging
XAGUSD (Silver) is ranging on the long-term outlook. Immediately the Bears exerted pressure on the former support level of $17and broke it downside, the price decreases towards the support level of $16. The Bears lost the momentum and could not push down the price further. The Bulls’ pressure equally became weak and could not push up the price. This scenario led to the consolidation of the Silver price.
The Silver price is trading below the two EMAs while the 21 periods EMA is below the 50 periods EMA which indicates that the price is bearish. Should the Bulls increase their pressure and push up the price to break up the resistance level of $17 with the daily candle close above it, the price will target the resistance level of $18. In case the Bulls continue to defend the resistance level of $17, consolidation may continue or the price may continue its bearish movement towards the support level of $15.
XAGUSD Medium-term Trend: Ranging
XAGUSD is ranging on the medium chart. The sideways movement of the price continues in the 4-hour chart as it was week before the last. The Bears momentum is yet to improve and the Bulls’ pressure remains weak and this led to the continuation of price consolidation.
The Silver price is hovering over the 21 periods EMA and 50 periods EMA. The Stochastic Oscillator period 14 is at 50 levels with the signal lines pointing up to indicate a buy signal.
Please note: Cryptovibes.com is not a financial advisor. Do your research before investing your funds in any financial asset or presented product or event. We are not responsible for your investing results.