SILVER Weekly Price Analysis – November 14
In case the bulls push up the price above the resistance level of $25, the price may test the resistance levels of $26 and $27. Should the resistance level of $25 holds, price may reverse and face the support levels of $24, $23 and $22.
XAGUSD Market
Key Levels:
Resistance levels: $25, $26, $27
Support levels: $24, $23, $22
XAGUSD Long-term trend: Bullish
XAGUSD is bullish on the long-term outlook. Two weeks ago, the metal pulled back when it tested the resistance level of $24 on October 26. The metal retested the support level of $22 and bounced back with formation of a pin bar. This scenario restored the bullish momentum in to the Silver market. Silver price has broken up the resistance level of $24 and the price is targeting $25 price level.
Silver is trading above the 9 periods EMA and 21 periods EMA which indicates that bulls are dominating the Silver market. The fast moving Average (9 periods EMA) remains above the slow moving Average (21 periods EMA). In case the bulls push up the price above the resistance level of $25, the price may test the resistance levels of $26 and $27. Should the resistance level of $25 holds, price may reverse and face the support levels of $24, $23 and $22.
XAGUSD Medium-term Trend: Bullish
XAGUSD is on the bullish movement on 4-hour chart. Silver bounced off the resistance level of $24 as the bears opposed the bullish movement. The price pulled back and retested the support level of $22. On November 03, the bullish engulfing candle formed and this triggered a bullish momentum and the price increase towards $25 level.
Silver price is trading above the 9 periods EMA and 21 periods EMA. The Relative Strength Index period 14 is at 70 levels with the signal line displaying a bullish signal.
