SILVER Weekly Price Analysis – June 02
An increase in the Silver price is possible. In case the Bulls’ momentum increase, price may break up the $22 resistance level and the price may increase to $23 and $24 resistance levels. In case the Bears gain more pressure the price may return to the previous low of $21 level, further price decrease may reach $20 and $19.
XAGUSD Market
Key Levels:
Resistance levels: $22, $23, $24
Support levels: $21, $20, $19
XAGUSD Long-term trend: Bullish
XAGUSD (Silver) is bullish on the long-term outlook. The formation of inside bar candle at the support level of $20 triggers the bulls’ momentum, price increase and the resistance level of $21 is broken upside. The resistance level of $22 is tested, the price pulled back. At the moment, White metal is increasing as the bulls’ momentum increases. There is tendency for the price to increase further.
The Silver price is breaking up the 21 periods EMA and the 9 periods EMA; which connotes that bullish momentum is increasing. The relative strength index period 14 is at 45 levels with the signal lines pointing upside to connote buy trade. An increase in the Silver price is possible. In case the Bulls’ momentum increase, price may break up the $22 resistance level and the price may increase to $23 and $24 resistance levels.
XAGUSD Medium-term Trend: Bullish
XAGUSD is bullish on the daily chart. The Silver price found the support level at $20 on 13 May. A bullish engulfing candle formed at the same level, price increases towards the resistance level of $22. The price is ranging within the $21 and $22 levels. Price retest the support level of $21. Bulls are trying to push up the price at the moment.
The Silver price is slightly above the 9 periods EMA and 21 periods EMA. The relative strength index period 14 is at 55 levels with the signal lines pointing up to indicate buy signal. In case the Bears gain more pressure the price may return to the previous low of $21 level, further price decrease may reach $20 and $19.
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