SILVER Weekly Price Analysis – May 30
Should the bulls’ increase their momentum, the resistance level at $28 may be tested and penetrated to expose the price to $29 and $30 price levels. In case the resistance level of $28 holds, the price may decrease to the support levels at $26, $25 and $23
Resistance levels: $28, $29, $30
Support levels: $26, $25, $23
XAGUSD Long-term trend: Bullish
XAGUSD is bullish on the long-term outlook. The white metal market is dominated by the bulls for more than two weeks. The price is increasing steadily in accordance to the bulls’ pressure. The former resistance levels at $25 and $26 levels have been penetrated upside, turning the level to support levels. The resistance level of $28 has been tested but the bulls have no pressure to break up the mentioned level, the price is consolidating around $28 level.
The Silver price has cross the 9 periods EMA and 21 periods EMA upside as an indication that the bulls are in control of the Silver market. Should the bulls’ increase their momentum, the resistance level at $28 may be tested and penetrated to expose the price to $29 and $30 price levels. In case the resistance level of $28 holds, the price may decrease to the support levels at $26, $25 and $23. The relative strength index period 14 is at 60 levels with the signal line pointing upside which indicate the pressure of the buyers.
XAGUSD Medium-term Trend: Ranging
XAGUSD is on the ranging movement on the 4-hour chart. Silver price increases and break up the resistance levels of $25 and $26. The price increased to test the $28 price level. The sellers interrupted the bulls’ momentum and prevents further increase. The bulls and the bears loses momentum, this results to consolidation movement in the Silver market.
Silver price is hovering over the 9 periods EMA and 21 periods EMA. The Relative Strength Index period 14 is above 50 levels with the signal line pointing up to indicate buy signal.