Silver (XAGUSD) Price: Buyers Are Exerting Pressure to Break Up $26 Resistance Level

Buyers’ momentum is increasing in Silver market

SILVER Price Analysis – 04 May

As demand rises, price resistance levels of $27, and $28 can be tested provided $26 level is broken upside. If bears are able to hold the $26 price level and the $25 support level is broken, silver’s price might decline and test the $24 and $23 support levels.

XAGUSD Market

Key Levels:

Resistance levels: $26, $27, $28

Support levels: $25, $24, $23

XAGUSD Long-term trend: Bullish

XAGUSD (Silver) is bullish on the long-term outlook. The white metal’s price crossed the $23 threshold after rising from $19 level. The price rose above the specified level due to the bulls’ impetus. On March 14, when buyers exerted greater market pressure, large daily bullish candles were produced. On April 4th, the price overcame the $24 resistance level and sought and tested the $26 level. The sellers picked up steam on April 14 and drew the metal back to retest the $24 level. Buyers gain more momentum and the price is trying to break up $26 resistance level.

The fast EMA is crossing the slow EMA upside, indicating a bullish trend, and white metal is trading above the 9-period and 21-period exponential moving averages. A buying setup is indicated by the relative strength index period 14 signal lines that are pointing up at 72. As demand rises, price resistance levels of $27, and $28 can be tested provided $26 level is broken upside. If bears are able to hold the $26 price level and the $25 support level is broken, silver’s price might decline and test the $24 and $23 support levels.

XAGUSD Medium-term Trend: Bullish

XAGUSD is on a bullish phase on the 4-hour chart. The price of white metal began to drop quickly after hitting a high of $26 on April 14. The price plummeted and found support at $25, which infuriated the sellers even more. When the bulls and bears lose momentum, the price of white metal begins a ranging movement between $25 and $24 levels. On May 03, Buyers’ momentum increases and it is testing $26 level at the moment.

The price of silver is trading above the dynamic support levels signifying a bullish market. The period 14 signal line for the relative strength index is heading up at a level of 66, indicating a buy.

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