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Bearish Movement Commences at Resistance Level of $25 Level – Cryptovibes.com – Daily Cryptocurrency and FX News

Bearish Movement Commences at Resistance Level of $25 Level – Cryptovibes.com – Daily Cryptocurrency and FX News


SILVER Weekly Price Analysis – November 21

Should the bulls opposed the bears at support level of $24, price may reverse and face the resistance levels of $24, $25 and $26. In case the bears push down the price to reach the support level of $23, the price may decrease to the support levels of $22 and $21.

XAGUSD Market

Key Levels:

Resistance levels: $24, $25, $26

Support levels: $23, $22, $21

XAGUSD Long-term trend: Bullish

XAGUSD is bullish on the long-term outlook. The bullish momentum pushed the price to penetrate the resistance level of $24. It increased to test the resistance level of $25. The metal pulled back when it tested the resistance level of $25 on November 12. Before the end of last week market, the metal retested the support level of $24 and penetrates the level. The price is expose to $23 support level at the moment. Further price declination is possible.

Silver daily chart, November 21

Silver is trading above the 9 periods EMA but above 21 periods EMA which indicates that bulls’ momentum is decreasing in the Silver market. The fast moving Average (9 periods EMA) remains above the slow moving Average (21 periods EMA). Should the bulls opposed the bears at support level of $24, price may reverse and face the resistance levels of $24, $25 and $26. In case the bears push down the price to reach the support level of $23, the price may decrease to the support levels of $22 and $21.

XAGUSD Medium-term Trend: Bearish

XAGUSD is on the bearish movement on 4-hour chart. After the bouncing off of the Silver from the resistance level of $24, the price pulled back and tested $23 level. The bulls gained more pressure and push the price to penetrate the resistance level of $24 and $25 level was tested. Before the end of last week, price decreases and penetrated $24 level downside facing $23 level before market closed.

Silver 4- hour chart, November 21

Silver price is trading below the 9 periods EMA and 21 periods EMA. The Relative Strength Index period 14 is below 40 levels with the signal line displaying a bearish signal.



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