Hello everyone , as we all know the market action discounts everything :) XAG/USD showing weakness this week with a few signs for a bearish movement in the next few weeks , market price is moving bellow the Moving average ( bearish sign ) and both the STOCH and the MACD giving out sell signals . but there are no signs of a Big bearish reversal yet the market is still in a good area .
Fundamental analysis :
On the long-term outlook, XAGUSD is bullish . Silver was under the bears’ control for many weeks. The bearish momentum pushed the pair to bottom at $25 support level on June 17. The bears lose momentum and could not break down the mentioned level. The bulls have been struggling to break up the resistance level of $26. On July 02, the bulls dominate the market and they were struggling to break up the $26 resistance level .
The Silver price has penetrates the 9 periods EMA upside and 21 periods EMA is the next target which indicate that bulls are trying to dominate the silver market. The weekly market closed at the $26 price level, it seems the bulls’ pressure is increasing and the bulls are trying to reverse the price. An increase in the bulls’ momentum may increase the price to break the resistance level at $26, which may further incline to $27 and $28 price level. Failure to break up the resistance level of $26, the price may continue a bearish trend to $25, $24 and $23 price levels.
Support is seen at $23.78 initially, then more importantly at $22.26/21.68, which we look to continue to hold. Indeed, below $21.68 would mark a top to instead throw a serious question mark over the longer-term base
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This is my personal opinion and not financial advice.
If you have any questions please ask
Thank you for reading.
Fundamental analysis :
On the long-term outlook, XAGUSD is bullish . Silver was under the bears’ control for many weeks. The bearish momentum pushed the pair to bottom at $25 support level on June 17. The bears lose momentum and could not break down the mentioned level. The bulls have been struggling to break up the resistance level of $26. On July 02, the bulls dominate the market and they were struggling to break up the $26 resistance level .
The Silver price has penetrates the 9 periods EMA upside and 21 periods EMA is the next target which indicate that bulls are trying to dominate the silver market. The weekly market closed at the $26 price level, it seems the bulls’ pressure is increasing and the bulls are trying to reverse the price. An increase in the bulls’ momentum may increase the price to break the resistance level at $26, which may further incline to $27 and $28 price level. Failure to break up the resistance level of $26, the price may continue a bearish trend to $25, $24 and $23 price levels.
Support is seen at $23.78 initially, then more importantly at $22.26/21.68, which we look to continue to hold. Indeed, below $21.68 would mark a top to instead throw a serious question mark over the longer-term base
Make sure to Follow and Like for more content
This is my personal opinion and not financial advice.
If you have any questions please ask
Thank you for reading.