Silver (XAGUSD) Price Retests $25 Level Before Bullish Trend Continuation

 SILVER Weekly Price Analysis – March 17

In case the bears were not able to break down the support level of $24, there will be an increase of the bulls’ momentum, bullish trend will be restored and the resistance level at $25, $26 and $27 may be the target.  If the daily candle close below $24 level, then, the price may decrease further to $23 and $22 price level.

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. The market follow the command of double bottom chart pattern formed at the support level of $22.  The Bulls influx the Silver market and the price increase accordingly. The resistance levels of $26 was reached on March 08, the mentioned level holds. The price pulled back to retest the support level of $24. There is tendency for the bulls to return in to the market for bullish trend continuation.

The price is trading above the 9 periods EMA aiming at 21 periods EMA as an indication of bullish movement.  In case the bears were not able to break down the support level of $24, there will be an increase of the bulls’ momentum, bullish trend will be restored and the resistance level at $25, $26 and $27 may be the target.  If the daily candle close below $24 level, then, the price may decrease further to $23 and $22 price level. The relative strength index period 14 is at 55 levels and the signal line bending up to indicate a buy signal.

 XAGUSD Medium-term Trend: Bullish

XAGUSD is bullish on the 4-hour chart. The bullish momentum has helped the price to test the high of $26 level. An inverted pin bar candle formed at the level indicate an increase in the bears’ pressure. The price decline and breaks down the support level of $26 and $25. Yesterday, the support level at $24 level was tested.

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 at $51.