SILVER Weekly Price Analysis – March 15
Should the bulls defend the support level of $14.3, the next target resistance levels are $15.7 and $16.6. On the other hand, in case the support level of $14.3 does not hold, the next target support levels are $13.4 and $12.4.
XAGUSD Market
Key Levels:
Resistance levels: $15.7, $16.6, $17.3, $18.1
Support levels: $14.3, $13.4, $12.4
XAGUSD Long-term Trend: Bearish
XAGUSD (Silver) is bearish on the long-term outlook. The Bears increased their momentum, the Silver price decreased further. The former support level of $15.7 and $16.6 become resistance levels. It was predicted last week that, the price will drop to $16.6 support level provided the bears prevail. Fortunately, the price dropped beyond the predicted level due to an increase in the sellers’ pressure. The price tested the support level of $14.3 before the market closed last week.
Silver price broke down the two EMAs downside with the formation of strong bearish candles; this scenario made the price to trade below the 21 periods EMA and 50 periods EMA at a farther distance to EMAs. Should the bulls defend the support level of $14.3, the next target resistance levels are $15.7 and $16.6. On the other hand, in case the support level of $14.3 does not hold, the next target support levels are $13.4 and $12.4.
XAGUSD Medium-term Trend: Bearish
XAGUSD is bearish in the medium chart. Silver was on the ranging mode last week within the $17.3 and $16.6 price level. The bears eventually prevailed and the price declined to the support level of $14.3 after it penetrated the $16.6 and $15.7 downside. The price displayed a sign of rebound at the support level of $14.3 before the market closed last week.
The Relative Strength Index period 14 is at 20 levels with the signal lines pointing up which indicates that the price may reverse at the support level of $14.3.
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