Sellers may dominate the Silver market soon
SILVER Weekly Price Analysis – 17 November
Should sellers maintain their momentum or exert more pressure, the support level of $20.4 may be broken downside, Silver may decrease and test the support levels of $19.4, and $18.8. The inability to break down the support level of $20.4 may lead to a continuation of the bullish trend toward $21.2, $21.7, and $22.1 resistance levels.
XAGUSD Market
Key Levels:
Resistance levels: $21.2, $21.7, $22.1
Support levels: $20.4, $19.4, $18.8
XAGUSD Long-term trend: Bearish
XAGUSD is bearish on the long-term outlook. The metal has been under the control of buyers for many weeks. The bullish momentum started when the “W” chart pattern formed at the support level of $18.1. The price soared to the resistance level at $22 on 15 November. A bearish candle pattern called bearish engulfing emerged at the resistance level of $22.1. The price is currently declining toward the support level of $20.4.
Silver is trading below the 9-periods EMA and 21-periods EMA which indicates that, sellers are ready to dominate the Silver market. Should sellers maintain their momentum or exert more pressure, the support level of $20.4 may be broken downside, the price may decrease and test the support levels of $19.4, and $18.8. The inability to break down the support level of $20.4 may lead to the continuation of the bullish trend toward $21.2, $21.7, and $22.1 resistance levels.
XAGUSD Medium-term Trend: Bearish
XAGUSD is on the bearish movement on the 4-hour chart. The price action in a 4-hour time frame formed a bearish pattern called “Head and Shoulder” at the resistance level of $22.1; it is an indication that sellers are ready to dominate the Silver market. Price is gradually moving down toward the south with the formation of bearish candles.
Silver price is trading below the 9-periods EMA and 21-periods EMA at distance. The Relative Strength Index period 14 is at 38 levels with the signal line displaying a bearish signal.
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