SILVER Weekly Price Analysis – March 25
Increase in the Bulls’ momentum will further push up the price of Silver to target the resistance level of $17. In case the resistance level of $15 holds, XAGUSD will find its support at $14 price level.
Resistance levels: $15, $17, $18
Support levels: $14, $11, $9
Silver (XAGUSD) Long-term trend: Bullish
XAGUSD is bullish on the weekly chart. The bearish momentum bottomed the Silver at the support level of $14 on September 10, 2018. There was a slight push up towards the dynamic resistance of 21 periods EMA where the upward movement was resisted and the currency pair bottomed second time at $14 price level on November 19, 2018. The “Double bottom” pattern was formed, that is what led to the increase in the Bull’s momentum that inclined the price of the silver to break up $15 price level after upside penetration of dynamic resistance. The retest was done with the big bearish candle on February 25, 2019.
The currency pair is trading in-between the 21 periods EMA and 50 periods EMA and the Relative Strength Index period 14 is above 50 levels with the signal line point up to indicate buy signal. Increase in the Bulls’ momentum will further push up the price of Silver to target the resistance level of $17. In case the resistance level of $15 holds, XAGUSD will find its support at $14 price level.
Silver (XAGUSD) Medium-term Trend: Bearish
XAGUSD is bearish on the daily chart. On January 25, a massive strong bullish candle formed that penetrated the $15 resistance level upward. A further increase was interrupted with the formation of a bearish reversal candle pattern called evening star.
The price rolled down below the $15 price level where it was supported by the dynamic support level of 21 periods EMA. The bullish momentum returned the price to the former high of $16 to form the double top pattern. The pair is consolidating over the 21 periods EMA and 50 periods EMA with the two EMAs interlocked to each other as a symbol of consolidation in the XAGUSD market.
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