Buyers’ momentum is decreasing in the Silver market
SILVER Price Analysis – 16 March
When buyers exert more pressure, Silver might rise above $21.74, $22.17, and $22.93 resistance levels may be tested. If bears hold the $21.74 price level and the $21.25 support level is broken, silver’s price may decrease and test the $20.45 and $19.87 support levels
XAGUSD Market
Key Levels:
Resistance levels: $21.74, $22.17, $22.93
Support levels: $21.25, $20.45, $19.87
XAGUSD Long-term trend: Bullish
XAGUSD (Silver) is bullish on the long-term outlook. The white metal reached the lowest price of $19.87 on 09 March. The level couldn’t go any lower since the bulls held it. The bullish engulfing candle formed at the just-mentioned level. When purchasers strengthened their pressure on the market on 14 March, large daily bullish candles were generated. The resistance level of $21.74 was tested on 13 March and pulled back. At the moment, the price is ranging around $21.74 level.
The white metal is trading above the 9-period and 21-period EMAs, and the fast has crossed the slow EMA upside as evidence of bullish movement. The signal lines on the Relative Strength Index period 14 is pointing upward at the 52 levels indicating a buy signal. When buyers exert more pressure, the price might rise above $21.74, $22.17, and $22.93 resistance levels may be tested. If bears hold the $21.74 price level and the $21.25 support level is broken, silver’s price may decrease and test the $20.45 and $19.87 support levels
XAGUSD Medium-term Trend: Bullish
XAGUSD is in a bullish phase on the 4-hour chart. A few weeks ago, the price of white metal started declining from the high of $22.91. As the sellers’ fury grew, the price fell and broke through the $22.18 and $21.74 support levels. White metal decreased and tested the support level of $19.87. The buyers gained more pressure and increases to $2217. The price is currently pulling back.
Silver is currently trading below the dynamic support levels. The 9-period is trying to cross the 21-period EMA downside which indicates a bearish trend. The relative strength index’s signal line for period 14 is at a level of 54 pointing down, which connotes sell.
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