https://ift.tt/tJWVHBb (XAGUSD) Price May Break Up Resistance Level of $23.8 – Cryptovibes.com – Daily Cryptocurrency and FX News

SILVER Weekly Price Analysis – February 20

Silver price may break up the resistance level of $23.8 provided Bulls’ momentum increase, this will increase the price to $24.6 and $25.1 levels. Inability to break up $23.8 price level may result to price declination to $23.5, $22.1 and $21.4 levels.

XAGUSD Market

Key Levels:

Resistance levels: $23.8, $24.6, $25.1

Support levels: $23.5, $22.1, $21.4

XAGUSD Long-term trend: Bullish

On the long-term outlook, XAGUSD (Silver) is bullish. The white metal formed a double bottom chart pattern on the daily chart. On February 03, the price touched the support level of $22.1 and bounces with the formation of bullish engulfing candle. More bullish candles were produced and the price increased towards the resistance level of $23.8. The bullish momentum has not break up the mentioned level before the market closed.

The fast moving average is crossing the slow moving average upside. 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 59 levels with the signal lines pointing upside to connote buy signal. Silver price may break up the resistance level of $23.8 provided Bulls’ momentum increase, this will increase the price to $24.6 and $25.1 levels. Inability to break up $23.8 price level may result to price declination to $23.5, $22.1 and $21.4 levels.

 XAGUSD Medium-term Trend: Bullish

XAGUSD is bullish on the daily chart. The Silver price could not break down the support level of $22.1 and the price bounces off the mentioned level on 04 February. This is the third time the price tested this mentioned level; the first one was on January 28. Further price increase is highly envisaged. The bulls may break up the resistance level of $23.8 this week.

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 down to indicate sell signal which may be a pullback.