SILVER Weekly Price Analysis – January 05
In case there is a bullish breakout at the resistance level of $18, the price will target the resistance level of $19. Should the Bears defend the resistance level of $18, the price may bounce off the level or continue to consolidate.
Resistance levels: $18, $19, $20
Support levels: $17, $16, $15
XAGUSD Long-term Trend: Bullish
XAGUSD (Silver) is bullish on the long-term outlook. The Bulls hold tight to the silver market after the breakout at the $17 price level. The bullish momentum pushed the price to test the resistant zone of $18. It seems the bullish momentum is getting weak as the price approaches the just mentioned level; the price then started consolidation at the zone of $18.
The 21 periods EMA has crossed the 50 periods EMA upside, the price is currently trading above the two EMAS. In case there is a bullish breakout at the resistance level of $18, the price will target the resistance level of $19. Should the Bears defend the resistance level of $18, the price may bounce off the level or continue to consolidate. Meanwhile, the Relative Strength Index period 14 is at 70 levels with the signal lines showing no definite direction; which indicates that consolidation is in progress in the Silver market.
XAGUSD Medium-term Trend: Bullish
XAGUSD is bullish in the medium chart. After the breakout at the resistance level of $17, the Bulls gradually increased their pressure and the price sluggishly increasing towards the resistance level of $18. The price was pulling back at the time when the market closed last week. There is a tendency for the price to continue the bullish momentum.
The 21 periods EMA and the 50 periods EMA are well separated from each other which connote the increase in the bullish pressure. The price is trading above the two EMAs. The Stochastic Oscillator period 14 is at 50 levels with the signal lines pointing down which indicates sell signal which may be a pullback.
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.