SILVER Weekly Price Analysis – May 24
Further increase in the Silver price is envisaged, once the resistance level of $16.6 is broken up, the metal will be targeting the resistance level of $17.3 and $18.6.In case the bears defend the resistance level of $16.6, the price may reverse and continue trading downside to target support levels of $15.7, $14.5, and$13.8.
Resistance levels: $17.3, $18.6, $18.8
Support levels: $16.6, $15.7, $14.5
XAGUSD Long-term Trend: Bullish
XAGUSD (Silver) is bullish in the long-term outlook. The way it was predicted last week, there was an increase in the bulls’ momentum that led to the price increase. The bears could not defend the former resistance level of $16.6, the just mentioned level was penetrated and the price increases towards the resistance level of $17.3. The price is currently retesting the broken level.
The price is trading above the two EMAs and 9 periods EMA has crossed over the 21 periods EMA to the upside; this indicates that the bulls are in control of the Silver market. After retracement, the Silver price may continue its bullish trend provided the support level of $16.6 holds. In case the bears exert more pressure, the support level of $16.6 may be penetrated and may target $15.7 -$14.5 level. The Relative Strength Index period 14 is at 70 levels with the signal line parallel to the level which connotes consolidation in the Silver market.
XAGUSD Medium-term Trend: Ranging
On the medium chart, XAGUSD is ranging. Silver’s strength increased more than the US dollar last week and this led to the increase in the price of Silver and it broke up the former resistance level of $15.7 and the price reached $16.6 level. The bullish momentum extends to a $17.3 price level where it commences consolidation.
The price is trading around the 9 periods EMA and 21 periods EMA. The Relative Strength Index period 14 is above 50 levels with the signal lines pointing up which indicate buy signal.
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