SILVER Weekly Price Analysis – November 28
The strong bearish candle formed after inverted hammers confirmed the strong bearish trend that may have the $22 price level as its target and below it are $21 and $20 support price levels. Above the current price are $23, $24 and $25 resistance levels.
Resistance levels: $23, $24, $25
Support levels: $22, $21, $20
XAGUSD Long-term trend: Bearish
On the long-term outlook, XAGUSD continues its bearish movement. The Silver market is still under the control of the Bears. The Bulls tried to push up the metal last two weeks; it was resisted at the resistance level of $25. The bullish candle formed could not break up the mentioned level and a bearish engulfing candle emerged the following day triggered a bearish momentum. The price descend and the support levels of $24 and $23 were broken downside. The price was aiming at the $22 support level before market closed.
More bearish candles are emerging under the 9 periods EMA and 21 periods EMA with the two EMAs bending towards the bearish direction; this indicates strong bearish strength in the Silver market. There is a probability that the Silver price will reach the support level of $22 as the bearish pressure increases. Above the current price are $23, $24 and $25 resistance levels. The relative strength index period 14 is close to the 30 levels with the signal lines pointing down to indicate sell signal and the Bears’ pressure.
XAGUSD Medium-term Trend: Bearish
XAGUSD is still bearish on the daily chart. The bearish momentum on the medium-term has resulted in the formation of inverted cup shape chart pattern. The two inverted hammer that formed on November 16 and November 19 consecutively indicates a bottom reversal signal. The strong bearish candle formed after inverted hammers confirmed the strong bearish trend that may have the $22 price level as its target and below it are $21 and $20 support price levels.
The relative strength index period 14 is below 30 levels with the signal lines point down to indicate sell signal.