Silver (XAGUSD) Price: Will There Be a Bullish Reversal at $22 Level?

SILVER Weekly Price Analysis – April 28

Should the bulls opposed the bears at support level of $22, price may reverse and face the resistance levels of $23, $25 and $25. In case the bears push down the price below the support level of $22, it may decrease to the support levels of $21 and $20.

XAGUSD Market

Key Levels:

Resistance levels: $23, $24, $25

Support levels: $22, $21, $20

XAGUSD Long-term trend: Bearish

XAGUSD is bearish on the long-term outlook. The bullish momentum pushed the price to form double top chart pattern. The price reached the resistance level of $26 on April 18 after penetrating the resistance level of $24. It increased to test the resistance level of $26. A bearish engulfing candle formed and the price commences a bearish trend towards $22 level. The metal is currently exerting a pressure to break down the just mentioned level.

Silver is trading below the 9 periods EMA and 21 periods EMA which indicates that bears’ momentum is increasing in the Silver market. The fast moving Average (9 periods EMA) remains below the slow moving Average (21 periods EMA). Should the bulls opposed the bears at support level of $22, price may reverse and face the resistance levels of $23, $25 and $25. In case the bears push down the price below the support level of $22, it may decrease to the support levels of $21 and $20.

XAGUSD Medium-term Trend: Bearish

XAGUSD is on the bearish movement on 4-hour chart. After the bouncing off of the Silver from the resistance level of $26, the price pulled back and tested $25 level. The bears gained more pressure and push the price to penetrate the support level of $24 and $23 level was tested. Price is decreasing to test the support level of $22.

Silver price is trading below the 9 periods EMA and 21 periods EMA. The Relative Strength Index period 14 is at 27 levels with the signal line displaying a bearish signal.