SILVER Weekly Price Analysis – March 31
Silver is already exposed to the support level of $14 in which a further increase in the Bears’ pressure will further decline the Silver price to reach 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 Bulls lost their momentum and could not push the price of silver to reach the $17 price level. The Bears came in with higher pressure than that of the Bulls; this is noticed with the formation of strong bearish candle that penetrated the $15 price level downside and the silver price is falling gradually towards $14 price level. Currently, the Bears are dominating the Silver market.
Silver is already exposed to the support level of $14 in which a further increase in the Bears’ pressure will further decline the Silver price to reach the support level of $14. The metal is trading below the 21 periods EMA and 50 periods EMA and the Stochastic Oscillator period 14 is at 40 levels with the signal line point down to indicate sell signal and further reduction of Silver price.
XAGUSD Medium-term Trend: Bearish
XAGUSD is bearish on the daily chart. After the completion of double top pattern, the metal declined towards the $14 price level before it was interrupted by the bulls and the Silver market experienced brief sideways movement; at that period, the 21 period EMA and 50 periods EMA were closed to each other to confirm the sideways movement.
The metal is below the two EMAs as a sign of bearish momentum in the Silver market and the stochastic Oscillator period 14 is at 20 levels with the signal lines point down to indicate sell signal.
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