SILVER Weekly Price Analysis – December 22
The breakout is imminent which may occur at the support level of $16 and the price expose to the support level of $15. Likewise, an increase in the Bulls’ momentum may lead to the penetration of the resistance level of $17 and the price will target the resistance level of $18.
XAGUSD Market
Key Levels:
Resistance levels: $17, $18, $19
Support levels: $16, $15, $14
XAGUSD Long-term Trend: Ranging
On the long-term outlook, XAGUSD (Silver) is ranging. The momentum of the Bears and the Bulls were still at equilibrium and the price remains within the range of $17 price level and the support level of $16. Last week, there was no significant movement in the Silver market as the price could not break out the resistance level of $17 by the Bulls and the Bears could not breakdown the support level of $16.
The price continues its trading over and around 21 periods EMA and the 50 periods EMA which indicates that consolidation is in progress in the Silver market. The breakout is imminent which may occur at the support level of $16 and the price expose to the support level of $15. Likewise, an increase in the Bulls’ momentum may lead to the penetration of the resistance level of $17 and the price will target the resistance level of $18. The Relative Strength Index period 14 is at 55 levels with the signal lines horizontally flat at the level which indicates that the price is still at ranging mode.
XAGUSD Medium-term Trend: Ranging
XAGUSD remains on the ranging movement in the medium chart. The price remains range-bound within the resistance level of $17 and a support level of $16. The Bulls’ momentum remains weak and the resistance level of $17 still holds. The same way, the Bears’ momentum could not breakdown the support level of $16 and that makes the consolidation to continue.
The price continues hovering over the 21 periods EMA and 50 periods EMA. The Stochastic Oscillator period 14 is at 60 levels with the signal lines flat horizontally which indicates consolidation mode in the Silver market.
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