Silver (XAGUSD) Price: Will There Be Enough Bullish Pressure to Break Up $26 Level?  

Buyers’ momentum is increasing in Silver market

SILVER Price Analysis – 13 April

Price resistance levels of $26, $27, and $28 can be tested in the event that buyers apply more pressure. Silver’s price might fall and test the $24 and $23 support levels if bears are able to hold the $26 price level and the $24 support level is breached.

XAGUSD Market

Key Levels:

Resistance levels: $26, $27, $28

Support levels: $25, $24, $23

XAGUSD Long-term trend: Bullish

XAGUSD (Silver) is bullish on the long-term outlook. When the white metal’s price rose from $19.87 on March 9 to $23 barrier level, the bulls drove the price up a few weeks ago. The bullish momentum began when a bullish engulfing candle formed. Large daily bullish candles were generated on March 14 as buyers increased their market pressure. On April 4th, the $24 resistance level was broken higher and consolidated till April 12 when buyers gained momentum and the $25 level was broken upside and the price is targeting the $26 level.

 

White metal is still trading above its 9-period and 21-period exponential moving averages, and the fast EMA has crossed over the slow EMA to the upside, indicating hopeful movement. The relative strength index period 14 signal lines are pointing upward at 80, indicating a buy setup. Price resistance levels of $26, $27, and $28 can be tested in the event that buyers apply more pressure. Silver’s price might fall and test the $24 and $23 support levels if bears are able to hold the $26 price level and the $24 support level is breached.

XAGUSD Medium-term Trend: Bullish

XAGUSD is in a bullish phase on the 4-hour chart. After reaching a peak of $24 on February 02, the price of white metal started to decline a few weeks later. As the sellers’ rage grew, the price fell and found support at the low of $19. The white metal rose as the buyers held onto the indicated level. The buyers applied more pressure, bringing the price to $24. Right now, the price is above the $25 level.

Silver’s price is currently trading above the levels of dynamic support. The 21-period EMA’s upside boundary has been crossed by the 9-period, indicating a bullish trend. The relative strength index’s period 14 signal line is pointing upward at a level of 67, signaling a buy.

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