SILVER Weekly Price Analysis – April 28
The last week candle closed below the lower trend line of the descending triangle.
The bearish trend may continue this week towards $14 price level when the Bears increase their pressure.
Resistance levels: $15, $17, $18
Support levels: $14, $11, $9
XAGUSD Long-term trend: Bearish
XAGUSD continues its bearish movement on the long-term outlook. The Bears refused to relent their effort, they exerted more pressure last week and a bearish candle broke out at the lower trend line of the descending triangle and the price declined towards the $14 price level. Later, there was a pullback; that is what brought about the weekly bearish candle with a tail. However, the candle closed below the lower trend line of the descending triangle. The price is approaching a support level, there is a probability that the price will bounce.
The distance between the 21 periods EMA and 50 periods EMA is increasing and the metal is trading below the two EMAs with the formation of more bearish candles; this indicates that bearish pressure is increasing. The bearish trend may continue this week towards $14 price level when the Bears increase their pressure. Meanwhile, the Relative Strength Index period 14 is at $40 level with the signal line bending towards south to indicate sell signal.
XAGUSD Medium-term Trend: Bearish
On the daily chart, XAGUSD is on the bearish movement. The Silver price was on the sideways movement last week but later the bears’ momentum increased more than that of the Bulls and there was a bearish breakout at the lower trend line of the descending triangle.
The Silver price remains under the two EMAs. The 21 period EMA is still below the 50 periods EMA with the two EMAs bending towards the south as an indication that the Bears are in control of the Silver market. Nevertheless, the Relative Strength Index period 14 is above 40 levels with the signal line pointing up to indicate a buy signal.
Please note: cryptovibes.com is not a financial advisor. Do your own research before investing your funds in any financial asset or presented product or event. We are not responsible for your investing results.