SILVER Weekly Price Analysis – December 29
After the retest, the price may continue its bullish movement to test the resistance level of $18 – $19. In case the current pullback touches the support level of $17 and the daily bearish candle close below the level, then the price may descend to touch the previous level of $16.
XAGUSD Market
Key Levels:
Resistance levels: $18, $19, $20
Support levels: $17, $16, $15
XAGUSD Long-term Trend: Bullish
On the long-term outlook, XAGUSD (Silver) is bullish. The Silver price was range-bound two weeks ago within the support level of $16 and a resistance level of $17. Last week, on 23 December to be precise, the bulls gathered momentum that is enough to break up the resistance level of $17 and the price increased towards the resistance level of $18. Last week market closed with a daily bearish candle which may be a pullback before the continuation of bullish momentum.
The 21 periods EMA is attempting to cross the 50 periods EMA upside. The price has crossed the two EMAs upside and it is trading above the two. After the retest, the price may continue its bullish movement to test the resistance level of $18 – $19. In case the current pullback touches the support level of $17 and the daily bearish candle close below the level, then the price may descend to touch the previous level of $16. The Relative Strength Index period 14 is at 70 levels with the signal lines pointing down to indicate sell signal which may be a pullback.
XAGUSD Medium-term Trend: Bullish
XAGUSD is on the bullish movement in the medium chart. The price broke out at the resistance level of $17 last week after several days of consolidation. The price moves towards the resistance level of $18 but yet to reach the mark before the Bears interrupt the increase and the price started consolidation at the level.
The 21 periods EMA has crossed the 50 periods EMA upside and the price is trading above the two EMAs. The Stochastic Oscillator period 14 is at 60 levels with the signal lines pointing down which indicates sell signal.
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