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.
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