Will There Be a Bullish Reversal at $22 Level? – Cryptovibes.com – Daily Cryptocurrency and FX News
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SILVER Weekly Price Analysis – February 06
The price may decrease to the support level of $21 and if it does not hold, it may decline to $19 and $16 levels. When the bulls interrupt the bears, price may increase towards the resistance level of $22, $23 and $24.
XAGUSD Market
Key Levels:
Resistance levels: $22, $23, $24
Support levels: $21, $19, $16
XAGUSD Long-term trend: Bullish
On the daily chart, XAGUSD (Silver) is bearish. There was no significant movement in the Silver market last week. When the resistance level of $24 holds, the price could not penetrate it upside. An inside bar bearish candle pattern formed and the bears took over the market. The former support levels of $22 and $23 have turned to resistance levels. Last week, the bears’ momentum was low and the bulls’ pressure is not enough to push up the price. It is currently consolidating below the $22 level.
There is no much 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 displaying no specific direction which connote ranging market. The price may decrease to the support level of $21 and if it does not hold, it may decline to $19 and $16 levels. When the bulls interrupt the bears, price may increase towards the resistance level of $22, $23 and $24.
XAGUSD Medium-term Trend: Bearish
XAGUSD is bearish on the daily chart. The price action on the 4-hour chart was consolidating last week around the support level of $22. It seems the price action is trying to form a bullish chart pattern called double bottom which may trigger the bullish trend next week.
The Silver price is trading `over and around the 9 periods EMA and 21 periods EMA. The relative strength index period 14 is at 50 levels with the signal lines pointing up to indicate buy signal.
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