SILVER Weekly Price Analysis – March 29
Silver price may reach the resistance levels of $15.7, $16.6 and $17.3 provided the bulls gain more momentum. In case the price level of $14.3 breaks down and the daily candle close below the level, the price may target $13.4 and $12.4 support level.
Resistance levels: $15.7, $16.6, $17.3
Support levels: $14.3, $13.4, $12.4
XAGUSD Long-term Trend: Ranging
XAGUSD (Silver) is ranging in the long-term outlook. The metal found support at $11.6 level on 18 March, the Bulls defended the level, thus, prevented further decrease in price. A Morning star candle pattern emerged, the Bulls gained more pressure, this is noticed with the formation of more bullish candles and the price increased to test the former resistance level of $14.3 after breaking up the $13.4 price level. The Bulls lose momentum and the price started consolidation at $14.3 price level.
Silver price broke up the 9 periods EMA while 21 periods EMA still holds; the price is trading between the two EMAs with low volatility which indicates that consolidation is in progress. Silver price may reach the resistance levels of $15.7, $16.6 and $17.3 provided the bulls gain more momentum. In case the price level of $14.3 breaks down and the daily candle close below the level, the price may target $13.4 and $12.4 support level. The Relative Strength Index period 14 is at 40 levels with the signal line parallel to the level, which connotes consolidation mode in the Silver market.
XAGUSD Medium-term Trend: Ranging
On the medium chart, XAGUSD is consolidating. The bulls lose momentum after they pushed up the price to reach $14.3 price level. The Bears equally have a low momentum and this results to price consolidation at just mentioned price level. The price is trading around and over the two EMAs.
The Relative Strength Index period 14 is at 60 levels with the signal lines pointing down which indicates sell signal.
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