Silver (XAGUSD) Is in a Sideways Trend, May Resume Upward

Silver (XAGUSD) Is in a Sideways Trend, May Resume Upward

Key Resistance Levels: $30.00, $31.00, $32.00
Key Support Levels: $24.00, $23.00,$22.00

Silver (XAGUSD) Long-term Trend: Bullish
Silver (XAGUSD) is in a sideways trend since January 2021. The price is facing rejection at level $28.00. The bulls have retested the overhead resistance thrice but could not sustain the bullish momentum above it. Each time the bulls break above it, the price will fall back into the range-bound zone. Presently, the market is rising above the low of $25.00.

XAGUSD – Daily Chart

Daily Chart Indicators Reading:
The price has risen to level 45 of the Relative Strength Index period 14. It indicates that Silver is in the downtrend zone. The price has broken below SMAs which indicates that Sliver is falling. The SMAs are sloping horizontally indicating the sideways move.

Silver (XAGUSD) Medium-term bias: Bullish
On the 4 hour chart, the XAGUSD is making an upward move. On March 9 uptrend, a retraced candle tested 61.8% Fibonacci retracement level. The retracement indicates that the market will rise to level 1.618 Fibonacci extensions or $26.78 high.

XAGUSD – 4 Hour Chart

4-hour Chart Indicators Reading
XAGUSD is above the 25% range of the daily stochastic. It indicates that the price is in a bullish momentum. The Silver is in a bullish crossover. The 21-day SMA crosses over the 50-day SMA indicating that the price is likely to rise.

General Outlook for Silver (XAGUSD)
XAGUSD has been in a sideways move. The market is resuming upward after falling to a level of $25.00. According to the Fibonacci tool analysis, the present uptrend is likely to reach a high of $26.78.


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Author : Azeez Mustapha

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Azeez Mustapha is an experienced author, trader, markets analyst, signals strategist, and funds-manager.