SILVER Weekly Price Analysis – March 22
The price is currently exposed to the resistance level of $13.4, further increase in the Bulls’ pressure may break up the level and increase to test the resistance levels of $14.3 and $15.7. The Bearish trend may continue when the Bears break down the demand level of $11.6 to expose $10.5 level.
Resistance levels: $13.4, $14.3, $15.7
Support levels: $12.4, $11.6, $10.5
XAGUSD Long-term Trend: Bearish
On the long-term outlook, XAGUSD (Silver) is bearish. The Silver market closed at the former demand level of $14.3 on March 13. The following day another massive bearish candle emerged which connotes that Bears are still in control of the Silver market. The demand levels of $14.3, $13.4 and $12.6 were penetrated downside by the Bears’ momentum. The demand level of $11.6 was tested. The Bears’ momentum is getting weak and the price may change to bullish trend at the demand level of $11.6.
Silver price continues its trading below the two EMAs after it broke down the 21 periods EMA and 9 periods EMA, this implies a further decrease in the Silver price. The price is currently exposed to the resistance level of $13.4, further increase in the Bulls’ pressure may break up the level and increase to test the resistance level of $14.3 and $15.7. The Bearish trend may continue when the Bears break down the demand level of $11.6 to expose $10.5 level. However, the Relative Strength Index period 14 is at the oversold zone with the signal line pointing up to indicate a buy signal.
XAGUSD Medium-term Trend: Ranging
XAGUSD is ranging in the medium chart. The bearish momentum placed the Silver price at the demand level of $11.6. The price was pushed back by the Bulls to the $12.6 price level. The Bears’ momentum and the Bulls’ pressure became weak and this led to the ranging of the price within $12.7 and $11.6 price levels.
The Relative Strength Index period 14 is at 40 levels with the signal lines pointing up which indicates buy signal.
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