Silver (XAGUSD) Price Commences a Bearish Trend at $27 Level

Updated:

 SILVER Weekly Price Analysis – March 31

When the bears are able to break down the support level of $24, there will be an increase of the bears’ momentum, bearish trend will continue to the support level of $23 and $22. The relative strength index period 14 is at 47 levels and the signal line bending down to indicate sell signal.

XAGUSD Market

Key Levels:

Resistance levels: $25, $26, $27

Support levels: $24, $23, $22

XAGUSD Long-term trend: Bearish

XAGUSD is bearish on the long-term outlook. When the white metal reached the targeted level ( $27 resistance level) of the double bottom chart pattern formed at the support level of $22 on February 04.  The resistance level opposed the price movement. The price decline with the formation of strong daily bearish candle. The former support level of $26 and $25 was broken downside and $23 support level was tested. It pulled back to retest $24 level. The price may decline further.

Daily 48

The price is remains below the 9 periods EMA and 21 periods EMA as an indication of bearish movement.  In case the daily candle close above $25 level, then, the price may increase further to $26 and $27 price level. When the bears are able to break down the support level of $24, there will be an increase of the bears’ momentum, bearish trend will continue to the support level of $23 and $22. The relative strength index period 14 is at 47 levels and the signal line bending down to indicate sell signal.

 XAGUSD Medium-term Trend: Bearish

XAGUSD is bearish on the 4-hour chart. Two weeks ago, the price decrease to the support level of $24. The bearish momentum became weak and could not break down the mentioned level likewise the resistance level of $25 holds and the price was ranging within $24 and $25 levels. The bears prevailed and the price broke down $24 level.

4 hours 30

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

  • 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
  • $100 minimum deposit,
  • FCA & Cysec regulated
$100 Min Deposit
9.8
  • Over 100 different financial products
  • Invest from as little as $10
  • Same-day withdrawal is possible
$100 Min Deposit
9.8
  • 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.

  • Trade top Cryptos such as Bitcoin, Litecoin and Ethereum plus more
  • Zero commissions and no bank fees on transactions
  • Around the clock service with support in 14 languages
$100 Min Deposit
8.5
  • The Lowest Trading Costs
  • 50% Welcome Bonus
  • Award-winning 24 Hour Support
$200 Min Deposit
9
  • 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.