SILVER Weekly Price Analysis – February 14
A further price increase is envisaged as long as the bulls maintain their pressure, the price will be pushed up to break the $27 resistance level upside, then, $29 and $36 price level may be reached. In case the bears defend the resistance level of $27, the price may decline towards the support levels at, $25 and $22, and $19.
XAGUSD Market
Key levels:
Resistance levels: $27, $29, $36
Support levels: $25, $22, $19
XAGUSD Long-term trend: Bullish
On the long-term outlook, XAGUSD is bullish. Immediately after the formation of the chart pattern called “cup with the handle”, the market was volatile. There was a sudden increase in price to the resistance level at $29 after breaking up the $27 price level. On February 02, the price was rejected by the sellers at the $29 price level. The dynamic support levels prevent further price decrease.
The price is gradually increasing towards the resistance level at $27 before the market closed last week. The metal is trading above the 9 periods EMA and 21 periods EMA at a close range with the fast EMA crossed the slow EMA upside which indicates that the bulls are in control of the Silver market. A further price increase is envisaged as long as the bulls maintain their pressure, the price will be pushed up to break the $27 resistance level upside, then, $29 and $36 price level may be reached. In case the bears defend the resistance level of $27, the price may decline towards the support levels at, $25 and $22, and $19.
XAGUSD Medium-term Trend: Ranging
On the 4- hour chart XAGUSD is on the ranging movement. The bears took over the market at the resistance level of $29 on February 01. The price declined sharply towards the support level of $25. The bears’ momentum and the bulls’ momentum became equal and the price commences ranging within the $27 and $25 price levels.
The two EMAs are interlocked to each other and the price is trading around the 9 periods EMA and 21 periods EMA. The Relative Strength Index period 14 is above 60 levels with the signal lines pointing up to indicate a buy signal.
