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

Updated:

Checkmark

Service for copy trading.

Checkmark

High profitable signals.

Checkmark

24/7 cryptocurrency trading.

Checkmark

10 minute setup with significant benefits.

Checkmark

79% Success rate.

Checkmark

Up to 40 trades per month.

Checkmark

Monthly subscriptions begin at £58.


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.

Daily 14

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.

4hours 7

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.

You can purchase Lucky Block here.  Buy LBlock:

 

  • Broker
  • Benefits
  • Min Deposit
  • Score
  • Visit Broker
  • 20% welcome bonus of upto $10,000
  • Minimum deposit $100
  • Verify your account before the bonus is credited
$100 Min Deposit
9
  • Award-winning Cryptocurrency trading platform
  • 14 Cryptoassets available to invest in
  • FCA & Cysec regulated
$200 Min Deposit
9.8

Highly volatile unregulated investment products. No EU investor protection.

  • Over 100 different financial products
  • Invest from as little as $10
  • Same-day withdrawal is possible
$250 Min Deposit
9.8
  • The Lowest Trading Costs
  • 50% Welcome Bonus
  • Award-winning 24 Hour Support
$200 Min Deposit
9
  • Award-winning Cryptocurrency trading platform
  • $100 minimum deposit,
  • FCA & Cysec regulated
$100 Min Deposit
9.8
  • Fund Moneta Markets account with a minimum of $250
  • Opt in using the form to claim your 50% deposit bonus
$250 Min Deposit
9
Share with other traders!

Azeez Mustapha

Azeez Mustapha is a trading professional, currency analyst, signals strategist, and funds manager with over ten years of experience within the financial field. As a blogger and finance author, he helps investors understand complex financial concepts, improve their investing skills, and learn how to manage their money.