Buyers’ momentum is increasing in Silver market
SILVER Price Analysis – 30 March
Price resistance levels of $23.95, $24.34, and $24.44 may be tested if buyers apply more pressure. Silver’s price may drop and test the $22.91 and $22.15 support levels if bears are able to hold the $23.95 price level and the $23.49 support level is breached.
XAGUSD Market
Key Levels:
Resistance levels: $23.95, $24.34, $24.66
Support levels: $23.49, $22.91, $22.15
XAGUSD Long-term trend: Bullish
XAGUSD (Silver) is bullish on the long-term outlook. The white metal’s cost dropped to $19.87 on March 9. The level couldn’t go any lower since the bulls held it. At the aforementioned level, a bullish engulfing candle formed. When buyers upped their market pressure on March 14, large daily bullish candles were formed. The $22.91 resistance level was broken upward on March 13. The price is currently approaching the $23.95 mark.
White metal is still trading above its 9-period and 21-period exponential moving averages, and the fast EMA has crossed above the slow EMA to the upside, indicating positive action. The Relative Strength Index period 14’s signal lines are pointing up at 68, signaling a buy setup. Price resistance levels of $23.95, $24.34, and $24.44 may be tested if buyers apply more pressure. Silver’s price may drop and test the $22.91 and $22.15 support levels if bears are able to hold the $23.95 price level and the $23.49 support level is breached.
XAGUSD Medium-term Trend: Bullish
XAGUSD is on a bullish phase on the 4-hour chart. After reaching a peak of $24.66 a few weeks ago, the price of white metal started to decline. As the sellers’ wrath grew, the price fell and violated the $23.34 support levels. White metal descended and reached $19.8 as a support test. To $23.0, the buyers upped their pressure. The cost is currently rising above $23.49.
Currently, the price of silver is trading above the dynamic support levels. The 9-period has passed the upside of the 21-period EMA, signaling a bullish trend. The signal line for period 14 of the relative strength index is heading up at a level of 63, which denotes a purchase signal.
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