Buyers may dominate Silver market soon
SILVER Price Analysis – 02 March
The price might drop to $19.41 and $18.83, which would be below the $20.45 support line if sellers apply more pressure. Silver’s price may rise and challenge the $21.74 and $22.18 resistance levels if bulls retain the $20.45 price level and the $21.25 resistance level is breached.
XAGUSD Market
Key Levels:
Resistance levels: $21.25, $21.74, $22.18
Support levels: $20.45, $19.41, $18.83
XAGUSD Long-term trend: Bearish
XAGUSD (Silver) is bearish on the long-term outlook. When silver’s cost reached a high of $24.33.The bears held the level, preventing it from advancing higher. There was a range movement between $24.33 and $23.43 for more than a week. Large daily bearish candles were formed on February 2, when sellers increased their pressure on the market. The $22.18, $21.74 and $21.25 support levels were crossed below in order to test the $20.45 support level.
The white metal is trading below the 9-period and 21-period EMAs, and the fast has crossed the slow EMA downside as evidence of bearish movement. When the signal lines on the Relative Strength Index period 14 are pointing downward, a negative omen may be noticed at level 30. The price might drop to $19.41 and $18.83, which would be below the $20.45 support line if sellers apply more pressure. Silver’s price may rise and challenge the $21.74 and $22.18 resistance levels if bulls retain the $20.45 price level and the $21.25 resistance level is breached.
XAGUSD Medium-term Trend: Bearish
XAGUSD is on a bearish phase on the 4-hour chart. White metal traded between $22.91 and $22.18 levels two weeks ago. The price dropped and breached the $22.18 and $21.74 support levels as the sellers’ fervor increased. The white metal is still decreasing and might do so further.
Silver is currently attempting to surpass the dynamic resistance levels. The 9-period is aiming to cross the 21-period EMA upside in order to establish a bullish trend. The relative strength index’s signal line for period 14 is at a level of 44 pointing up, which denotes a positive trend.
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