Bullish Trend May Continue After Retracement – Cryptovibes.com – Daily Cryptocurrency and FX News
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SILVER Weekly Price Analysis – January 09
Ability to break down $21 price level may result to price decrease to $20 and $19 support levels. The bulls may increase their momentum and continue a bullish trend if it can break up $22 price level, which may increase to $23 and $24 price level.
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 bearish. The price action on the daily chart formed a double bottom chart pattern. The price commenced a bullish movement towards $23 level. The white metal was on the bullish movement last week. On January 03, a bearish engulfing candle emerged; this is a bearish chart pattern on the daily chart. The metal price began to decline towards the support level $21. Bullish trend may continue after the price retracement.
There is an increase in bearish momentum as the Silver price is trading below the 9 periods EMA and the 21 periods EMA. The relative strength index period 14 is at 40 levels with the signal lines pointing upside to connote buy signaling. Ability to break down $21 price level may result to price decrease to $20 and $19 support levels. The bulls may increase their momentum and continue a bullish trend if it can break up $22 price level, which may increase to $23 and $24 price level.
XAGUSD Medium-term Trend: Bearish
XAGUSD is bearish on the 4-hour chart. The double bottom chart pattern formed two weeks ago triggered a bullish movement towards the resistance level of $23. The bears opposed the bulls with the formation of bearish engulfing candle. The price pulled back targeting the support level of $21. The price is trying to resume a bullish trend before the weekly market closed.
The Silver price is trading between the 9 periods EMA and 21 periods EMA. The relative strength index period 14 is above 40 levels with the signal lines pointing up to indicate buy signal.
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