Silver (XAGUSD) Price: Will There Be Continue of Bullish Movement?

SILVER Weekly Price Analysis – June 09

An increase in the bulls’ momentum may leads to the breaking up of $22 resistance level which may increase to $23 and $24 resistance levels. The breakdown of $21 support level may reduce the price to $19 and $17 levels.

XAGUSD Market

Key Levels:

Resistance levels: $22, $23, $24

Support levels: $21, $19, $17

XAGUSD Long-term trend: Ranging

XAGUSD is ranging on the long-term outlook. The bearish momentum failed as the Silver price action formed a candle pattern called an inside bar on the daily chart. This happened when the support level of $20 was tested by the white metal on May 12. The price increases and broken up $21 level aiming at $22 price level. The just mentioned level holds and price commenced a ranging movement.

Low volatility in the Silver’s market as Silver is trading over and around the 9 periods EMA and 21 periods EMA. The fast moving Average (9 periods EMA) is interlocked with the slow moving Average (21 periods EMA). An increase in the bulls’ momentum may leads to the breaking up of $22 resistance level which may increase to $23 and $24 resistance levels. The breakdown of $21 support level may reduce the price to $19 and $17 levels.

 XAGUSD Medium-term Trend: Ranging

XAGUSD is on the ranging movement on 4-hour chart. Price increases towards $22 price level when the metal bounced up from the support level of $20 on May 13.The bulls interrupted the price increase with the formation of doji candle. The price pulled back towards the support level of $21.

Silver price is hovering over the 9 periods EMA and 21 periods EMA. The Relative Strength Index period 14 is at 47 levels with the signal line displaying no specific price direction.