Silver (XAGUSD) Price Continues a Bearish Trend

 SILVER Weekly Price Analysis – April 07

In case the daily candle closes below $25 level, then, the price may decrease further to $24 and $23 price level. When the bulls are able to break up the resistance level of $26, there will be an increase of the bulls’ momentum, bullish trend will continue to the resistance level of $26, $27 and $28.

XAGUSD Market

Key Levels:

Resistance levels: $26, $27, $28

Support levels: $25, $24, $23

XAGUSD Long-term trend: Bearish

XAGUSD is bearish on the long-term outlook. The metal reached the high of $27 resistance level on March 08. The bearish pressure increase to defend the resistance level of $27. The price declines with the formation of more bearish candles. It has penetrated the former support level of $24 and $23 downside. The white metal is facing the support level of $25 at the moment.

The price remains below the 9 periods EMA and 21 periods EMA as an indication of bearish movement.  In case the daily candle closes below $25 level, then, the price may decrease further to $24 and $23 price level. When the bulls are able to break up the resistance level of $26, there will be an increase of the bulls’ momentum, bullish trend will continue to the resistance level of $26, $27 and $28. The relative strength index period 14 is at 41 levels and the signal line bending down to indicate sell signal.

 XAGUSD Medium-term Trend: Bearish

XAGUSD is bearish on the 4-hour chart. An increase in the price was triggered at the support level of $24 on February 04. The bullish momentum pushed up the price to reach the resistance level of $27 on March 08. The just mentioned level holds and the price decline and break down the $25 level. The price is reducing towards the support level of $24.

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 46 level which may be a pullback.