3 years ago
196 SILVER Weekly Price Analysis – January 17
The bearish pressure seems to be increasing as the daily bearish candle formed at the closing of the weekly market. In case the pressure breaks down the $22 price level, then, $19 and $16 support levels may be reached. Above the current price level, the resistance level remains at $25, $27, and $30
XAGUSD Market
Key levels:
Resistance levels: $25, $27, $30
Support levels: $22, $19, $16
XAGUSD Long-term trend: Bearish
On the long-term outlook, XAGUSD is on the bearish movement. The Silver price action has produced an arc shape or cup shape with a handle. The metal is under the control of the Bears. The bears break down the support level of $25 and the Bulls tried to push up the metal last week; it was resisted at the resistance level of 25. A strong daily bearish candle emerges before the market closed last week indicates that bearish movement may continue.
The trading below the 21 periods EMA and 9 periods EMA indicate that bearish movement may continue. The bearish pressure seems to be increasing as the daily bearish candle formed at the closing of the weekly market. In case the pressure breaks down the $22 price level, then, $19 and $16 support levels may be reached. Above the current price level, the resistance level remains at $25, $27, and $30. The Relative Strength Index period 14 is below the 50 levels with the signal lines pointing down to indicate sell signal.
XAGUSD Medium-term Trend: Ranging
On the 4- hour chart XAGUSD is bearish. The price reached the resistance level at $27 on January 06. The bullish momentum failed and the bears take over the market with the stronger force that pushed the price down to $25 price level. The mentioned level was penetrated downside with the formation of the strong and big bearish candle. The bulls opposed the bearish movement in form of pullback to retest the resistance level of $25. The bulls could not penetrate the $25 level and the bears also lose momentum and Which resulted in price consolidation around the $25 level.
The bears have pushed the metal down below the two dynamic support levels and the price is trading below the 9 periods EMA and 21 periods EMA. The Relative Strength Index period 14 is below 40 levels with the signal lines pointing down to indicate sell signal.
