SILVER Weekly Price Analysis – November 08
Further price increase is envisaged should the bulls further increase their pressure, the resistance level of $27 and $30 may be tested. On the flip side, the support levels can be found at $22, $21 and $19.
XAGUSD Market
Key Levels:
Resistance levels: $25, $27, $30
Support levels: $22, $21, $19
XAGUSD Long-term Trend: Bullish
The silver price is bullish in the daily chart. In the wake of US election, the Silver metal is gaining ground based on US dollar weakness. On 29 October, the Silver price tested the support level of $22 and the daily candle formed at the level turned to pin bar. The Silver price increases to penetrate the dynamic resistance level. Another big and massive bullish candle emerges which pushes up the price to test the resistance level of $25. The Silver market closed at $25 level.
The price is trading above the 9 periods EMA and 21 periods EMA at a distance which indicate strong buy signal. Further price increase is envisaged should the bulls further increase their pressure, the resistance level of $27 and $30 may be tested. On the flip side, the support levels can be found at $22, $21 and $19.
XAGUSD Medium-term Trend: Bullish
The bulls have started taken over the Silver market. The bullish engulfing candle formed at the support level of $22 on October 29 triggers the bullish momentum. The price has returned to be under the control of the bulls on the 4-hour chart. The resistance level of $25 is already tested and the price is trying to break up the mentioned level.
The price is already cross the 9 periods EMA and 21 periods EMA upside; meaning that bulls are dominating the Silver market. The relative strength index period 14 is at overbought level with the signal line fluctuating which indicate indecision in the Silver market.