https://cryptonewmedia.press/wp-content/uploads/2022/01/Commencement-of-Bullish-Trend-at-21-Level-–-Cryptovibescom-–.pngCommencement of Bullish Trend at $21 Level – Cryptovibes.com – Daily Cryptocurrency and FX News

SILVER Weekly Price Analysis – January 02

Inability to break up $23 price level may result to price decrease to $22, $21 and $20 levels. The bulls may increase their momentum to break up $23 price level, which may increase to $24 and $25 price level.

XAGUSD Market

Key Levels:

Resistance levels: $23, $24, $25

Support levels: $22, $21, $20

XAGUSD Long-term trend: Bullish

On the long-term outlook, XAGUSD (Silver) is bullish. The support level of $21 was tested on December 15. This is the second time the price is testing the mentioned level; the first time was September 29 and the second time was December 15. The white metal obeyed the bullish candle pattern formed at the just mentioned level. A bullish engulfing candle was produced and it is a signal to the traders that buyers are ready to take over the market. The price reverses and it has broken up the $22 price level last week.

There is an increase in bullish momentum as the Silver price is trading above the 9 periods EMA and the 21 periods EMA. The relative strength index period 14 is at 60 levels with the signal lines pointing upside to connote buy signaling. Inability to break up $23 price level may result to price decrease to $22, $21 and $20 levels. The bulls may increase their momentum to break up $23 price level, which may increase to $24 and $25 price level.

XAGUSD Medium-term Trend: Bullish

XAGUSD is bullish on the 4-hour chart. The price action has formed a double bottom chart pattern; this is a bullish chart pattern indicating that price may soar high towards the north side. Silver price bounces off the $21 level on 15 December. The price is increasing towards $23 resistance level before the weekly market closed. There is probability for further increase next 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 up to indicate buy signal.