SILVER Weekly Price Analysis – May 19
The bearish movement may continue and the price level of $11 may be reached provided the Bears maintain or increase their pressure. Should the Bears lose their momentum there may be a ranging movement back to the $14 level.
Resistance levels: $14, $15, $17
Support levels: $11, $9, $7
XAGUSD Long-term trend: Bearish
XAGUSD continues its bearish movement on the long-term outlook; The Bulls could not defend the demand level of $14 last week. The Bears pushed down the Silver price and the former demand level of $14 was penetrated towards the south direction and the price moved down towards $11 price level. The market closed with a strong bearish candle which implies that Bearish movement may continue this week.
XAGUSD (Silver) weekly chart, May 19
The distance between the Silver price and the two EMA are getting widen; this is a sign of an increase in the bearish momentum in the Silver market. The Silver price is now trading below 21 periods EMA and 50 periods EMA. The bearish movement may continue and the price level of $11 may be reached provided the Bears maintain or increase their pressure. Should the Bears lose their momentum there may be a ranging movement back to the $14 level. The Stochastic Oscillator period 14 is below 25 levels with the signal lines bending down to connotes sell signal and a further reduction in Silver’s price.
XAGUSD Medium-term Trend: Bearish
On the daily chart, XAGUSD is on the bearish trend. The Silver price broke out of the Descending triangle formed last week at the lower trend line. On May 17, a daily strong candle emerged that broke down the $14 level and the demand level of $11 was exposed.
XAGUSD (Silver) Daily chart, May19
The Silver price continues trading under the 21 period EMA and the 50 periods EMA with the two EMAs following the bearish direction. The Stochastic Oscillator period 14 is at 25 levels with the signal line pointing down to indicate a sell signal. There may be a pullback.
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