SILVER Weekly Price Analysis – April 7
There was a short pullback after the Bears broke down the $15 price level with the strong bearish candle. At the moment the bearish movement has resumed. In case the Bears maintain or increase their pressure, silver may have its support at the support level of $14
Resistance levels: $15, $17, $18
Support levels: $14, $11, $9
XAGUSD Long-term trend: Bearish
XAGUSD is bearish on the long-term outlook. The Silver market was bearish last week. The Bears hold firmly to the Silver market though the movement is sluggish and the price could not reach the support level of $14. There was a short pullback after the Bears broke down the $15 price level with the strong bearish candle. At the moment the bearish movement has resumed.
Silver is trading under the 21 period EMA and 50 periods EMA with the formation of bearish candles which implies the continuation of the bearish trend. In case the Bears maintain or increase their pressure, silver may have its support at $14 price level. The histogram of MACD period 12 is crossing below zero levels and the signal lines bending down; traders may place sell order setup and place the take profit at $14 price level, stop loss at $15 price level.
XAGUSD Medium-term Trend: Bearish
XAGUSD is bearish on the daily chart. The bearish pressure continues on the daily chart in the silver market. Shortly after the Bears placed the Silver price below the two dynamic resistances (21 and 50 periods EMA) it started consolidating. The Silver price remains on the same level as the Bulls and the Bears momentum are at equilibrium.
There is a possibility for the price to decline further as the MACD with its histogram is below zero level and its signal lines point down.
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