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

 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.

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.

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.