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.
- Broker
- Min Deposit
- Score
- Visit Broker
- Award-winning Cryptocurrency trading platform
- $100 minimum deposit,
- FCA & Cysec regulated
- 20% welcome bonus of upto $10,000
- Minimum deposit $100
- Verify your account before the bonus is credited
- Over 100 different financial products
- Invest from as little as $10
- Same-day withdrawal is possible
- Fund Moneta Markets account with a minimum of $250
- Opt in using the form to claim your 50% deposit bonus
Learn to Trade
Never Miss A Trade Again
Signal Notification
Real-time signal notifications whenever a signal is opened, closes or Updated
Get Alerts
Immediate alerts to your email and mobile phone.
Entry Price Levels
Entry price level for every signal Just choose one of our Top Brokers in the list above to get all this free.