XAG/USD 1W analysis 22/06/21Hello everyone , as we all know the market action discounts everything :) the silver had a strong Bull movement back in July and AUG of last year but the market is bearish for the long term with no major reversal signals according to the indicators ,talking about the next week or two we could be seeing a drop in price down to 24.40 and then up to the range of 28.35, if the silver breaks 24.50 we could be looking at a strong bearish movement in the next few weeks.
Fundamental analysis :
Further price decrease envisaged. In case bears increase their momentum, the support level at $24 may be broken downside and the price may decrease to $23 and $21 price levels. Should the bulls oppose the bears, the price may reverse and face the resistance level of $25, $27 and $29.
Resistance levels: $25, $27, $29
Support levels: $24, $23, $21
XAGUSD is bearish on the long-term outlook. Two weeks ago, the metal was on the ranging movement throughout. The resistance level of $28 holds and the support level of $27 remains strong to the bears; the currency pair was moving within $28 and $27 price level. Last week, the bears finally prevails and the support level of $27 was broken down. The price moves down towards the $25 support level. The mentioned level was penetrated and the price exposes to $24 level.
The Silver price is trading below the 9 periods EMA and 21 periods EMA as an indication that the bears are in control of the silver market. The weekly market closed below the $25 level, further price decrease envisaged. In case bears increase their momentum, the support level at $24 may be broken downside and the price may decrease to $23 and $21 price levels. Should the bulls oppose the bears, the price may reverse and face the resistance level of $25, $27 and $29.(by cryptovibes) ***
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