SILVER Weekly Price Analysis – November 15
Consolidation may continue if the resistance level of $26 and the support level of $23 still holds. Above the $26 price level are $27 and $29 resistance levels. Below the $24 are $23 and $21 support levels.
Resistance levels: $26, $27, $29
Support levels: $24, $23, $21
XAGUSD Long-term Trend: Bullish
The bullish momentum is gradually increasing in the daily chart. The pressure from the bears is opposing the rapid increase in price. The support level of $23 has been holding the price, preventing the further decrease in price. The price has touched the level three times. The pin bar daily candle formed on 29 October triggers the bullish momentum which pushes up the price towards the resistance level of $26, the mentioned level is tested but strongly defended by the bears. This is noticed in the daily chart with the formation of a strong bearish candle.
Last week, the price was consolidating at the support level of $24 before the market close. The two EMAs are interlocked to each other and the price is trading over and around the 9 periods EMA and 21 periods EMA which indicate that consolidation is in progress in the Silver market. Consolidation may continue if the resistance level of $26 and the support level of $23 still holds. Above the $26 price level are $27 and $29 resistance levels. Below the $24 are $23 and $21 support levels.
XAGUSD Medium-term Trend: Ranging
XAGUSD is ranging in the medium-term outlook. The bulls push the price to the $26 price level but unable to break up the level. The bears’ pressure decreases the price to a support level of $24. There was a fake breakout but not enough pressure to decrease the price further. The price began a consolidation movement at the support level of $24.
The two EMAs are interlocked and the price hovering over the 9 periods EMA and 21 periods EMA indicating that bulls’ momentum and the bears’ momentum are at equilibrium. The relative strength index period 14 is at 60 levels with the signal line bending down to indicate the sell signal.