SILVER Weekly Price Analysis – March 08
Increase in Bullish pressure will push up the price to reach the resistance level of $18.1. In case the Bears prevail the price may drop to the previous low $16.6.
Resistance levels: $17.3, $18.1, $18.8
Support levels: $16.6, $15.7, $14.3
XAGUSD Long-term Trend: Bearish
XAGUSD (Silver) is bearish on the long-term outlook. Silver was under the control of Bears for a week after it tested the resistance level of $18 on February 24. The price descended sharply and bottomed at the support level of $16.6. The Bulls defended the $16.6 price level by pushing up the long bearish candle and the price closed above the demand level of $16.6. Following the scenario is the formation of a daily doji candle, the bulls gained more pressure and the price increased towards the resistance level of $17.3.
Silver touched the 21 periods before it pulled back and the market closed at the resistance level of $17.3. However, the price is trading below the two EMAs. Increase in Bullish pressure will push up the price to reach the resistance level of $18.1. In case the Bears prevail the price may drop to the previous low $16.6. The Relative Strength Index period 14 is above 40 levels with the signal lines pointing down to indicate a sell signal.
XAGUSD Medium-term Trend: Ranging
XAGUSD is ranging in the medium chart. The metal found support at the demand level of $16.6 on February 28with a massive bearish candle. The Bears lost momentum and the Bulls’ momentum became weak. The price started ranging within the $17.3 resistance level and $16.6 support level.
The Relative Strength Index period 14 is above 40 levels with the signal lines pointing up which indicates that the price may increase and break up the resistance level of $17.3 to target $18.1 price level..
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