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SILVER Weekly Price Analysis – March 24
In case the bears were 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. If the daily candle close above $25 level, then, the price may increase further to $26 and $27 price level.
XAGUSD Market
Key Levels:
Resistance levels: $25, $26, $27
Support levels: $24, $23, $22
XAGUSD Long-term trend: Bearish
On the long-term outlook, XAGUSD is bearish. The market reached the targeted level of the double bottom chart pattern formed at the resistance level of $27 on March 08. The Bulls pressure cannot withstand the resistance force at the level. The price pulled back with the formation of strong bearish daily candle. The price decline towards the support level of $25. The bears’ pressure is weak and could not break down the level. It is ranging within $24 and $25 levels at the moment.
The price is trading below the 9 periods EMA and 21 periods EMA as an indication of bearish movement. In case the bears were 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. If the daily candle close above $25 level, then, the price may increase further to $26 and $27 price level. The relative strength index period 14 is at 53 levels and the signal line bending down to indicate sell signal.
XAGUSD Medium-term Trend: Ranging
XAGUSD is ranging on the 4-hour chart. The price decrease to the support level of $24 on March 15. Bearish momentum became weak and could not break down the mentioned level. The resistance level of $25 holds and the price is ranging at the moment within $24 and $25 levels.
Silver price is trading over and around the 9 periods EMA and 21 periods EMA. The Relative Strength Index period 14 is displaying a bullish market direction at $51.
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