SILVER Weekly Price Analysis – April 19
In case the bulls maintain or increase their momentum the resistance level at $27 may be reached and further increase in the bulls’ pressure may increase price to $29 and $36 levels. Should the resistance level at $27 hold the price, then, the support level at $25, $23 and $22 may be tested.
XAGUSD Market
Key Levels:
Resistance levels: $27, $29, $36
Support levels: $25, $23, $22
XAGUSD Long-term trend: Bullish
On the long-term outlook, XAGUSD is bullish. The bearish momentum on the Silver market has placed the metal to the low of $23 on March 30. The just mentioned level holds and the white metal bounces, the bulls takes over the market with the formation of bullish candles. The price increases towards the resistance level of $25. The bullish momentum breaks up the $25 level and it is increasing towards the resistance level of $27.
The bulls has broken up the confluence at $25, and the price is trading above the two EMAs. In case the bulls maintain or increase their momentum the resistance level at $27 may be reached and further increase in the bulls’ pressure may increase price to $29 and $36 levels. Should the resistance level at $27 hold the price, then, the support level at $25, $23 and $22 may be tested. Silver metal has penetrated the 9 periods EMA and 21 periods EMA upside and the price is trading above the two EMAs as a confirmation of bullish movement.
XAGUSD Medium-term Trend: Bullish
On the 4-hour chart, XAGUSD is bullish. The bulls’ momentum increases and the price increases to the $25 resistance level last week. The mentioned level is penetrated upside. Price heading towards the resistance level of $27.
Silver price is trading above the 19 periods EMA and 9 periods EMA. The Relative Strength Index period 14 is at 50 levels with the signal line pointing down to indicate a sell signal which may be a pullback.
