SILVER Weekly Price Analysis – January 10
There is a probability that the Silver price will reach the support level of $22 as the bearish pressure increases. Below the $22 price level are $19 and $16 support levels. Above the current price are $25, $27, and $30 resistance levels.
Resistance levels: $25, $27, $30
Support levels: $22, $19, $16
XAGUSD Long-term trend: Bearish
On the long-term outlook, XAGUSD may continue its bearish movement. The Silver market is under the control of the Bears. The Bulls tried to push up the metal last week; it was resisted at the resistance level of 27. A strong daily bearish candle emerges and breaks down the former support level at $25 and the price is declining towards the support level of $22.
Gold daily chart, January 10
More bearish candles may emerge under the 21 period EMA and 9 periods EMA as the 9 periods EMA is trying to cross the 21 periods EMA downside; which indicates strong bearish strength in the Silver market. There is a probability that the Silver price will reach the support level of $22 as the bearish pressure increases. Below the $22 price level are $19 and $16 support levels. Above the current price are $25, $27, and $30 resistance levels. The Relative Strength Index period 14 is close to the 50 levels with the signal lines pointing down to indicate sell signal and the Bears’ pressure.
XAGUSD Medium-term Trend: Bearish
XAGUSD is bearish on the 4- hour chart. The bullish momentum on the medium-term was terminated at the resistance level of $27 on January 06. The bearish engulfing candle formed at the resistance level confirms the bears’ pressure and the defending power of the bears at the same level. The price decline and penetrate the support level at $25. The price is currently exposed to the support level at $22.
Silver 4-hour chart, January 10
The two dynamic support levels have been penetrated downside and the price is trading below the 9 periods EMA and 21 periods EMA. The Relative Strength Index period 14 is at 20 levels with the signal lines point up to indicate buy signal which may be a pullback.
This is a syndicated post from https://www.cryptovibes.com/blog/2021/01/10/silver-xagusd-price-is-under-bears-pressure-targeting-22-19-levels/