Buyers’ momentum is decreasing in Silver market
SILVER Price Analysis – 28 April
Price resistance levels of $25, $26, and $27 can be put to test as demand increases. Silver’s price may fall and test the $23 and $22 support levels if bears are able to hold the $25 price level and the $24 support level is broken.
XAGUSD Market
Key Levels:
Resistance levels: $25, $26, $27
Support levels: $24, $23, $22
XAGUSD Long-term trend: Bullish
XAGUSD (Silver) is bullish on the long-term outlook. The price of the white metal increased from $19 to $23 barrier level. The bulls’ momentum drove the price up above the mentioned level. Large daily bullish candles were formed on March 14 as buyers increased their market pressure. After surmounting the $24 resistance level on April 4th, the price targeted and challenged the $26 level. On April 14, the sellers gained momentum and pulled the metal back to test the $24 level. The price is currently dangling between $25 and $24 levels.
The fast EMA is trying to cross the slow EMA downside, indicating a pullback, and white metal is trading between the 9-period and 21-period exponential moving averages. A buying setup is indicated by the relative strength index period 14 signal lines that are pointing up at 60. Price resistance levels of $25, $26, and $27 can be put to the test as demand increases. Silver’s price may fall and test the $23 and $22 support levels if bears are able to hold the $25 price level and the $24 support level is broken.
XAGUSD Medium-term Trend: Ranging
XAGUSD is on a ranging phase on the 4-hour chart. After reaching a high of $26 on April 14, the cost of white metal started to decline shortly after. The sellers’ rage grew as the price fell and found support at $25. The price of white metal commences a ranging movement between $25 and $24 levels when the bulls and the bears lose momentum.
The price of silver is currently hovering over the dynamic support levels. The 9-period is interlocked with 21 periods EMA, signifying a ranging market. The period 14 signal line for the relative strength index is heading up at a level of 52, indicating a buy.
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