SILVER Weekly Price Analysis – April 21
Should the Bears increases their pressure, There will be a breakout at the lower tend line of the triangle and the demand level of $14 will be the target for the Silver.
Resistance levels: $15, $17, $18
Support levels: $14, $11, $9
XAGUSD Long-term trend: Bearish
XAGUSD continues bearish movement on the long-term outlook. The bearish trend continues in the XAGUSD market on the weekly chart though the movement is very slow. The Silver price has not reached $14 level as expected last week. The metal still remains within the descending triangle chart pattern formed. Neither the Bulls nor the Bars are yet to break out of the triangle.
The bearish candle formed last week eventually closed as doji candle at the lower trend line of the triangle. The metal still remains under the 21 period EMA and 50 periods EMA with the two EMAs bending towards the bearish direction; this connotes that the Bears are still in control of the silver market. Should the Bears increases their pressure, There will be a breakout at the lower tend line of the triangle and the demand level of $14 will be the target for the Silver. Meanwhile, the Stochastic Oscillator period 14 is at the 20 levels with the signal lines pointing down to indicate sell signal.
XAGUSD Medium-term Trend: Bearish
On the daily chart, XAGUSD is bearish. The bears are yet to break out of the descending triangle, the Silver price consolidates at the lower trend line of the descending triangle. There was no significant movement on the daily chart. Though, the price remains below the 21 periods EMA and the 50 periods EMA as a bearish sign.
The Stochastic Oscillator period 14 is at 20 levels with the signal lines pointing up to connotes buy signal which may be a pullback.
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