Silver (XAGUSD) Price Is Struggling to Break Up $25 Resistance Level

Updated:

SILVER Weekly Price Analysis – March 03

In case the bulls are able to increase their momentum and penetrate the resistance level at $25 with the daily candle close above it, then, the price may increase further to $26 and $27 price level. Should the bears defend the resistance level of $25, the support level at $24 may be penetrated and price may decrease to $23 and $22 levels.

XAGUSD Market

Key Levels:

Resistance levels: $25, $26, $27

Support levels: $24, $23, $22

XAGUSD Long-term trend: Bullish

On the long-term outlook, XAGUSD is bullish. Bulls dominate the Silver market started from February 04.  The bulls push up the currency pair and the resistance levels of $21, $22 and $23 has turned to support levels. The white metal pulls back to retest the support level of $23 before bulls exert more pressure and the price increase to $25 level. There is tendency for the price to increase further this week if bulls exert more pressure.

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The price is trading above the 9 periods EMA and 21 periods EMA at a distance is an indication of bullish movement.  In case the bulls are able to increase their momentum and penetrate the resistance level at $25 with the daily candle close above it, then, the price may increase further to $26 and $27 price level. Should the bears defend the resistance level of $25, the support level at $24 may be penetrated and price may decrease to $23 and $22 levels. The relative strength index period 14 is at 71 levels and the signal line bending up to indicate buy signal.

XAGUSD Medium-term Trend: Bullish

XAGUSD is bullish on the 4-hour chart. Last week, the bears’ momentum pushes the price from the $25 resistance level. The bulls’ pressure could not break up the level due to weak bullish momentum. The evening star candle pattern formed and the bears’ momentum increased and tested $23 level. At the moment, the price is inclining to break up $25 resistance level.

4hours
Silver price is trading above the 9 periods EMA and 21 periods EMA. The Relative Strength Index period 14 is displaying a bullish market direction.
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Azeez Mustapha

Azeez Mustapha is a trading professional, currency analyst, signals strategist, and funds manager with over ten years of experience within the financial field. As a blogger and finance author, he helps investors understand complex financial concepts, improve their investing skills, and learn how to manage their money.