SILVER Weekly Price Analysis – May 15
Should the bears penetrate the support level of $20.4 the support level of $19.5 may be reached and there is possibility that $18.8 level may be tested. In case the bulls defend the support level of $20.4, price may reverse and face the resistance levels of $21.4, $22.1 and $23.4.
XAGUSD Market
Key Levels:
Resistance levels: $21.4, $22.1, $23.4
Support levels: $20.4, $19.5, $18.8
XAGUSD Long-term trend: Bearish
XAGUSD is bearish on the long-term outlook. There was a bearish movement in the white metal market last week. The support level of $22.1 could not hold the price and the bears broke down the mentioned level. The price penetrated the support level of $21.4 and the support level of $20.4 was reached. On 13 May, bulls dominated market and the price pulled back. There is possibility that there may be a continuation of bearish movement.
Silver is trading below the 9 periods EMA and 21 periods EMA which indicates that bears are dominating the Silver market. Should the bears penetrate the support level of $20.4 the support level of $19.5 may be reached and there is possibility that $18.8 level may be tested. In case the bulls defend the support level of $20.4, price may reverse and face the resistance levels of $21.4, $22.1 and $23.4.
XAGUSD Medium-term Trend: Bearish
XAGUSD is on the bearish movement on 4-hour chart. There was a bearish reversal at the resistance level of $26 on 18 April with the formation of bearish engulfing candle. The bears’ pressure increased and push the price to penetrate the support level of $22.1, $21.4 before the end of last week Price decreases and tested the support level of $20.4.
Silver price is trading below the 9 periods EMA and 21 periods EMA. The Relative Strength Index period 14 is at 43 levels with the signal line displaying a bullish signal.
