ADVFN Logo
Registration Strip Icon for discussion Register to chat with like-minded investors on our interactive forums.

Silver (XAGUSD) Price Is Struggling to Break up $25 Resistance Level

Share On Facebook
share on Linkedin
Print

SILVER Weekly Price Analysis – March 06

In case the bulls are able to increase their momentum and penetrate the resistance level at $25 with the daily candle close above it, then, the price may increase further to $26 and $27 price level. Should the bears defend the resistance level of $25, the support level at $24 may be penetrated and price may decrease to $23 and $22 levels.

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. Bulls dominate the Silver market started from February 04.  The bulls push up the currency pair and the resistance levels of $21, $22 and $23 has turned to support levels. The white metal pulls back to retest the support level of $23 before bulls exert more pressure and the price increase to $25 level. There is tendency for the price to increase further this week if bulls exert more pressure.

D.png

The price is trading above the 9 periods EMA and 21 periods EMA at a distance is an indication of bullish movement.  In case the bulls are able to increase their momentum and penetrate the resistance level at $25 with the daily candle close above it, then, the price may increase further to $26 and $27 price level. Should the bears defend the resistance level of $25, the support level at $24 may be penetrated and price may decrease to $23 and $22 levels. The relative strength index period 14 is at 71 levels and the signal line bending up to indicate buy signal.

XAGUSD Medium-term Trend: Bullish
XAGUSD is bullish on the 4-hour chart. Last week, the bears’ momentum pushes the price from the $25 resistance level. The bulls’ pressure could not break up the level due to weak bullish momentum. The evening star candle pattern formed and the bears’ momentum increased and tested $23 level. At the moment, the price is inclining to break up $25 resistance level.

4hours

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.
Source: https://learn2.trade

Click Here to register for free on Investors Hub

This area of the investorshub.advfn.com site is for independent financial commentary. These blogs are provided by independent authors via a common carrier platform and do not represent the opinions of Investors Hub. Investors Hub does not monitor, approve, endorse or exert editorial control over these articles and does not therefore accept responsibility for or make any warranties in connection with or recommend that you or any third party rely on such information. The information available at Investors Hub is for your general information and use and is not intended to address your particular requirements. In particular, the information does not constitute any form of advice or recommendation by investorshub.advfn.com and is not intended to be relied upon by users in making (or refraining from making) any investment decisions.

Comments are closed