SILVER Weekly Price Analysis – April 14
Bullish movement may continue if the resistance level of $26 is penetrated upside and the price may increase to $27 and $28 resistance levels. In case the resistance level of $26 holds, price may reverse and face the support levels of $25, $24 and $23.
XAGUSD Market
Key Levels:
Resistance levels: $26, $27, $28
Support levels: $25, $24, $23
XAGUSD Long-term trend: Bullish
XAGUSD is bullish on the long-term outlook. The metal still remains under the control of the bulls as the completion of a Triple bottom chart pattern formed is in progress on the daily chart. The price tested the $27 price level after the broken up $26 price level. It pulled back to retest the support level of $23 last week. On April 07, a daily candle turned to a pin bar which indicate a bullish movement. The bullish movement is restoring back in to the Silver market.
The fast moving Average (9 periods EMA) is crossing above the slow moving Average (21 periods EMA). Silver is trading above the 9 periods EMA and 21 periods EMA which indicates that bulls dominate the Silver market. Bullish movement may continue if the resistance level of $26 is penetrated upside and the price may increase to $27 and $28 resistance levels. In case the resistance level of $26 holds, price may reverse and face the support levels of $25, $24 and $23.
XAGUSD Medium-term Trend: Bullish
XAGUSD is on the bullish movement on 4-hour chart. The bears opposed the bullish movement at the resistance level of $27. Silver bounced off the resistance level of $27 on March 08. The price retraced towards the support level of $23. On March 29, the bulls influx the Silver market; this is noticed on the 4-hour chart with the formation of Inside Bar candle pattern. It breaks up the resistance level of $25 facing $26 resistance level.
Silver price is trading above the 9 periods EMA and 21 periods EMA. The Relative Strength Index period 14 is above 63 levels with the signal line displaying bullish signal.
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