SILVER Weekly Price Analysis – April 21
There is a probability that the Silver price will reach the support level of $23 as the bearish pressure increases. Above the current price are $24, $25 and $26 resistance levels.
XAGUSD Market
Key levels:
Resistance levels: $24, $25, $26
Support levels: $23, $22, $21
XAGUSD Long-term trend: Bearish
On the long-term outlook, XAGUSD continues its bearish movement. The Silver market is still under the control of the Bears. The Bulls tried to push up the metal last two weeks; it was resisted at the resistance level of $27. The bullish candle formed could not break up the mentioned level and a bearish engulfing candle emerged the following day triggered a bearish momentum. The price descend and the support levels of $25 were broken downside. The price is trying to break down the $23 support level at the moment.
More bearish candles are emerging under the 9 periods EMA and 21 periods EMA with the two EMAs bending towards the bearish direction; this indicates strong bearish strength in the Silver market. There is a probability that the Silver price will reach the support level of $23 as the bearish pressure increases. Above the current price are $24, $25 and $26 resistance levels. The relative strength index period 14 is at 44 levels bending down to indicate sell signal.
XAGUSD Medium-term Trend: Bearish
XAGUSD is still bearish on the daily chart. The bearish momentum on the medium-term has resulted in the formation of “M” chart pattern. The inside bar candle pattern that formed at $25 resistance level indicates a bearish reversal signal. The strong bearish candle formed after inverted hammers confirmed the strong bearish trend that may have the $23 price level as its target and below it are $23, $22 and $21 support price levels.
The relative strength index period 14 is at 28 levels with the signal lines point down to indicate sell signal.
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