Bullish Trend Triggers as Bullish Engulfing Candle Emerges at $21 Level – Cryptovibes.com – Daily Cryptocurrency and FX News
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SILVER Weekly Price Analysis – December 26
The bulls may increase their momentum to break up $22 price level, which may increase to $23 and $24 price level. Inability to break up $22 price level may result to further price decrease to $21, $20 and $19 levels.
XAGUSD Market
Key Levels:
Resistance levels: $22, $23, $24
Support levels: $21, $20, $19
XAGUSD Long-term trend: Bearish
On the long-term outlook, XAGUSD (Silver) is bullish. Buyers interrupted the sellers at the support level of $21 on December 15. The white metal obeyed the bullish candle pattern formed; hammer daily candle was produced and it is a signal to the traders that buyers are getting ready to take over the market. The price reverses and it increases to $22 price level last week.
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 50 levels with the signal lines pointing upside to connote buy signaling. The bulls may increase their momentum to break up $22 price level, which may increase to $23 and $24 price level. Inability to break up $22 price level may result to further price decrease to $21, $20 and $19 levels.
XAGUSD Medium-term Trend: Bullish
XAGUSD is bullish on the daily chart. After the formation of a bullish engulfing candle in 4-hour chart at the support level of $21, Silver price bounces off the level on 15 December. The price slowly increases to the resistance level of $22 before the weekly market closed. There is tendency for further increase before this year end.
The Silver price is trading above the 9 periods EMA and 21 periods EMA. The relative strength index period 14 is at 70 levels with the signal lines pointing down to indicate sell signal which may be a pullback.
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