Silver (XAGUSD) Price: Bears May Defend $25 Support Level to Continue Bullish Trend

SILVER Weekly Price Analysis – March 10

In case the bulls defend the support level of $25 and increase their momentum, bullish trend will be restored and the resistance level at $26 may be penetrated. If the daily candle close above it, then, the price may increase further to $27 and $28 price level.

XAGUSD Market
Key Levels:
Resistance levels: $26, $27, $28
Support levels: $25, $24, $23

XAGUSD Long-term trend: Bullish
On the long-term outlook, XAGUSD is bullish. The formation of double bottom chart pattern at the support level of $22 made the Bulls to influx the Silver market. The bulls’ momentum increase and the price increase accordingly. Former resistance levels of $23 and $24 is broken upside and the $25 price level is tested. At the moment, the white metal pulls back to retest the support level of $25 before bulls exert more pressure.

The price is trading above the 9 periods EMA and 21 periods EMA as an indication of bullish movement.  In case the bulls defend the support level of $25 and increase their momentum, bullish trend will be restored and the resistance level at $26 may be penetrated. If the daily candle close above it, then, the price may increase further to $27 and $28 price level. Should the bears push the price to penetrate $25 level, the support level at $24 may be tested, and price may decrease to $23 levels. The relative strength index period 14 is at 61 levels and the signal line bending down to indicate a sell signal.

XAGUSD Medium-term Trend: Bullish
XAGUSD is bullish on the 4-hour chart. Last two weeks, pullback was experienced as the bears’ momentum pushed the price from the $25 resistance level. The bulls’ pressure could not break up the level due to weak bullish momentum. Last week, the bulls gained more pressure and the price increase to the resistance level of $26. Price retracement is ongoing at the moment. It is a normal phenomenon in a trending market.

Silver price is trading below the 9 periods EMA and 21 periods EMA. The Relative Strength Index period 14 is displaying a bearish market direction at $45.

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