Silver (XAGUSD) Price Retests September Low, Bulls May Take Over – Cryptovibes.com – Daily Cryptocurrency and FX News https://ift.tt/30FfIKf

SILVER Weekly Price Analysis – December 19

Silver price may further increase when the Bulls’ momentum breaks up the $22 resistance level, the price may find its resistance at $23 and $24 levels. Failure 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 bearish. Since November 15, the white metal has been under the control of the sellers. The bearish force has been steady and the price is decreasing steadily. The price hit the September low on December 15. A pin bar is formed at the mentioned level which indicate a price reversal. The Bulls have started gaining more pressure and the price is gradually increasing. The price action has formed a double bottom chart pattern on the daily chart.

The Silver price is trading between the 9 periods EMA and the 21 periods EMA; which is an increase in bullish momentum. The relative strength index period 14 is at 40 levels with the signal lines pointing upside to connote buy signaling. Silver price may further increase when the Bulls’ momentum breaks up the $22 resistance level, the price may find its resistance at $23 and $24 levels. Failure 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. The Silver price bounces off the support level of $21 on 15 December. This is the second time the price visited this mentioned level; the first one was on September 30. Further price increase is highly envisaged. The bulls are ready to take over the silver market.

The Silver price is trading above the 9 periods EMA and 21 periods EMA. The relative strength index period 14 is above 40 levels with the signal lines pointing down to indicate sell signal which may be a pullback.