SILVER Weekly Price Analysis – April 14
Until a bullish candle breaks up the upper trend line of the descending triangle formed on the chart and close above it a bearish trend continues. There is a probability that the Silver price will reach the support level of $14 as the bearish pressure increases.
Resistance levels: $15, $17, $18
Support levels: $14, $11, $9
XAGUSD Long-term trend: Bearish
On the long-term outlook, XAGUSD continues its bearish movement. The Silver market is still under the control of the Bears. The Bulls tried to push up the metal last week; it was resisted at the dynamic resistance level of 50 periods EMA price level. Until a bullish candle breaks up the upper trend line of the descending triangle formed on the chart and close above it a bearish trend continues.
More bearish candles are emerging under the 21 period EMA and 50 periods EMA with the two EMAs bending towards the bearish direction; this indicates strong bearish strength in the Silver market. There is a probability that the Silver price will reach the support level of $14 as the bearish pressure increases. The stochastic Oscillator period 14 is close to the 20 levels with the signal lines pointing down to indicate sell signal and the Bears pressure.
XAGUSD Medium-term Trend: Bearish
XAGUSD is still bearish on the daily chart. The bearish momentum on the medium-term has resulted in the formation of descending triangle chart pattern. The two inverted hammer that formed on April 9 and April 10 consecutively indicates a bottom reversal signal. The strong bearish candle formed after inverted hammers confirmed the strong bearish trend that may break the lower trend line of the descending triangle and have the $14 price level as its target.
The Stochastic Oscillator period 14 is at 20 levels with the signal lines point down to indicate sell signal.
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