SILVER Weekly Price Analysis – December 08
The metal may carry out a retest to the broken level of $16 before a further decrease in price towards the support level of $15 provided the Bears maintain or increase their pressure
Resistance levels: $17, $18, $19
Support levels: $16, $15, $14
XAGUSD Long-term Trend: Bearish
XAGUSD (Silver) is bearish on the long-term outlook. Silver price engaged in the long-term consolidation phase. It was ranging within the resistance level of $17 and the support level of $16 for more than two weeks. On December 06, the Bears gained more momentum and pushed the price to break down the support level of $16. The daily bearish candle closes below the support level just mentioned which indicates that the Bears prevailed over the Bulls and the price may decline further towards the $15 price level.
The 21 periods EMA and the 50 periods EMA are above the price and the Silver price is moving farther away from the two EMAs which connote an increase in the Bears’ momentum. The metal may carry out a retest to the broken level of $16 before a further decrease in price towards the support level of $15 provided the Bears maintain or increase their pressure. However, the stochastic oscillator period 14 is at 40 levels with the signal lines pointing down which indicate sell signal.
XAGUSD Medium-term Trend: Bearish
XAGUSD is bearish on the medium chart. The Bears exerted more pressure and overcome the Bulls that have been defending the support level of $16 for many days. The price was pushed down and broke out at the support level of $16.
The Silver price is currently trading below the 21 periods EMA and 50 periods EMA. The Stochastic Oscillator period 14 is at 20 levels with the signal lines pointing down to indicate a sell 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.