SILVER Weekly Price Analysis – June 12
Further increase in the bulls’ momentum may leads to the breaking up of $21 resistance level which may increase the price to $22 and $23 resistance levels. The penetration of $19 support level downside may decline the price to $17 and $16 levels.
XAGUSD Market
Key Levels:
Resistance levels: $21, $22, $23
Support levels: $19, $17, $16
XAGUSD Long-term trend: Bullish
XAGUSD is bullish on the long-term outlook. After the white metal tested the support level of $20 on May 12. The bearish pressure could not break down that support level as the bulls defend the mentioned level. An inside bar candle pattern formed and this triggered bullish movement towards the resistance level of $22. The bulls’ momentum is not enough to place the price at that level and this led to ranging movement in the daily chart within $19 and $21 levels.
Bulls are preparing to dominate the Silver market as Silver is trading above the 9 periods EMA and 21 periods EMA at close contact. The fast moving Average (9 periods EMA) remain above the slow moving Average (21 periods EMA). Further increase in the bulls’ momentum may leads to the breaking up of $21 resistance level which may increase the price to $22 and $23 resistance levels. The penetration of $19 support level downside may decline the price to $17 and $16 levels.
XAGUSD Medium-term Trend: Ranging
XAGUSD is on the ranging movement on 4-hour chart. The white metal found support at $20 level and it bounced up from there on May 13 with the formation of bullish engulfing candle. Price increases to $21 resistance level. The level holds and the bearish momentum is equally low. The price commences a consolidation in the Silver market.
Silver price is trading between the 9 periods EMA and 21 periods EMA. The Relative Strength Index period 14 is at 49 levels with the signal line displaying bullish signal.
