SILVER Weekly Price Analysis – February 21
An increase in the bears’ pressure will reduce the price to the support level of $25, in case the level does not hold the support levels of $22 and $19 will be the next target. The interruption of the bulls and the daily candle close above the $27 level may push up the price to the resistance levels of $29 – $36.
XAGUSD Market
Key Levels:
Resistance levels: $27, $29, $36
Support levels: $25, $22, $19
XAGUSD Long-term Trend: Ranging
XAGUSD (Silver) is ranging in the long-term outlook. The metal was bullish last two weeks and the bullish momentum broke up the $27 price level. The price moved up to test the resistance level of $29. The bears were not satisfy with the sharp price increase, a massive big daily bearish candle emerges and the price was returned below $27 level. The dynamic support level prevents further price decrease. Since then the price has been moving within the $27 and 425 price levels.
The Silver price is penetrating the two EMAs but yet to cross below the EMAs; which means the bearish momentum and the bullish momentum are weak. An increase in the bears’ pressure will reduce the price to the support level of $25, in case the level does not hold the support levels of $22 and $19 will be the next target. The interruption of the bulls and the daily candle close above the $27 level may push up the price to the resistance levels of $29 – $36.The Relative Strength Index period 14 is above 40 levels with the signal line parallel to the level , which indicate that consolidation is in progress in the Silver market.
XAGUSD Medium-term Trend: Ranging
On the medium chart, XAGUSD is on the ranging mode. The bulls were in charge of the Silver market last two weeks. The price reached the resistance level of $29; it bounced off the level and rolls downside towards $25 price level. The ranging movement commences and the $25 and $27 price levels became a barrier to the price.
The silver price is trading over and around the 9 periods EMA and 21 periods EMA which indicates that the bears’ pressure is at equilibrium with the bulls’ pressure. The Relative Strength Index period 14 is at 50 levels with the signal lines moving down which indicates a sell signal.
