SILVER Weekly Price Analysis – May 08
In case the bears push down the price to break down the support level of $22, the price may decrease to the support levels of $21 and $20. Should the bulls defend the support level of $22, price may reverse and face the resistance levels of $23, $24 and $25.
XAGUSD Market
Key Levels:
Resistance levels: $23, $24, $25
Support levels: $22, $21, $20
XAGUSD Long-term trend: Bearish
XAGUSD is bearish on the long-term outlook. The white metal did not make a tangible change in the price it was two weeks ago. The support level of $22 holds and the bears could not break down the level. The bulls tried to push up the price on May 04 but the resistance level of $23 holds. Last week, the metal trade within the $23 and $22 price level. However, bearish pressure prevailed over the bullish but the support level of $22 is yet to be broken downside.
Silver is trading below the 9 periods EMA and 21 periods EMA which indicates that bears holds unto the Silver market. In case the bears push down the price to break down the support level of $22, the price may decrease to the support levels of $21 and $20. Should the bulls defend the support level of $22, price may reverse and face the resistance levels of $23, $24 and $25.
XAGUSD Medium-term Trend: Bearish
XAGUSD is on the bearish movement on 4-hour chart. When the metal bounced off of the resistance level of $26, the price pulled back and tested $24 level. The bears’ pressure increased and push the price to penetrate the support level of $24 and $23. Before the end of last week, price decreases and tested the support level of $22.
Silver price is trading below the 9 periods EMA and 21 periods EMA. The Relative Strength Index period 14 is at 28 levels with the signal line displaying a bearish signal.
