Triple Bottom Chart Pattern, Bullish Trend Commences – Cryptovibes.com – Daily Cryptocurrency and FX News
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SILVER Weekly Price Analysis – February 13
Silver price may further increase when the Bulls’ momentum breaks up the $23 resistance level, the price may find its resistance at $24.2 and $24.6 levels. Failure to break up $23 price level may result to further price decrease to $22, $20 and $19 levels.
XAGUSD Market
Key Levels:
Resistance levels: $23.0, $24.2, $24.6
Support levels: $22, $20, $19
XAGUSD Long-term trend: Bullish
On the long-term outlook, XAGUSD (Silver) is bullish. Since January 21, the white metal has been under the control of the sellers. The bearish force has been steady and the price is decreasing steadily. The price hit the September low on February 03. A pin bar is formed at the mentioned level which indicate a price reversal. The Bulls have started gaining more pressure and the price is gradually increasing. The price action has formed a Tripple bottom chart pattern on the daily chart.
The Silver price is trading above the 9 periods EMA and the 21 periods EMA; which is an increase in bullish momentum. The relative strength index period 14 is at 57 levels with the signal lines pointing upside to connote buy signaling. Silver price may further increase when the Bulls’ momentum breaks up the $23 resistance level, the price may find its resistance at $24.2 and $24.6 levels. Failure to break up $23 price level may result to further price decrease to $22, $20 and $19 levels.
XAGUSD Medium-term Trend: Bullish
XAGUSD is bullish on the daily chart. The Silver price bounces off the support level of $22 on 04 February. This is the second time the price visited this mentioned level; the first one was on January 28. Further price increase is highly envisaged. The bulls are ready to take over the silver market
The Silver price is trading above the 9 periods EMA and 21 periods EMA. The relative strength index period 14 is above 60 levels with the signal lines pointing up to indicate buy signal.
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