SILVER Weekly Price Analysis – June 14
The break out at the support level of $17.5 may push down the price to $16.6 and $15.7 support levels. In case the mentioned support level holds, it may break out at $18.3 price level and may rally towards the $18.8 and $19.5.
Resistance levels: $18.3, $18.8, $19.5
Support levels: $17.5, $16.6, $15.7
XAGUSD Long-term Trend: Ranging
On the long-term outlook, XAGUSD (Silver) is on the ranging mode. The silver price is range-bound within the resistance level of $18.3 and support level of $17.5. The bears’ momentum is not strong enough to break the lower barrier at $17.5 level. The resistance level of $18.3 also stands as an insurmountable mountain for the bulls. A radical force may be required for the Silver breakout which is imminent.
The metal is trading over and around 9 periods EMA and the 21 periods EMA and the two EMAs are interlocked to each other; this indicates that consolidation is in progress in the Silver market. The break out at the support level of $17.5 may push down the price to $16.6 and $15.7 support levels. In case the mentioned support level holds, it may break out at $18.3 price level and may rally towards the $18.8 and $19.5. The Relative Strength Index period 14 is below 60 levels with the signal line pointing down which connotes sell signal.
XAGUSD Medium-term Trend: Ranging
XAGUSD is ranging on the medium chart. Silver price has been trading within the horizontal channel for many days. The upper channel is found at $18.3 while the lower channel is found at $17.5. Consolidation may continue until the price break out of the channel. Increase in momentum by the Bulls and Bears will leads to the breakout at $18.3 and $17.5 respectively.
The price is hovering over the 9 periods EMA and 21 periods EMA. The Relative Strength Index period 14 is at 40 levels with the signal lines pointing up which indicate buy signal.
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