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Silver (XAGUSD) Price; Breaking Confluence at $25 Level May Place Price at $27 Resistance Level

Silver (XAGUSD) Price; Breaking Confluence at $25 Level May Place Price at $27 Resistance Level


SILVER Weekly Price Analysis – April 11

The bulls are trying to break the confluence at $25, in case this happen, the resistance level at $27 and $29 may be tested. In case the resistance level at $25 hold the price then, the support level at $23, $22 and $19 may be retested.

XAGUSD Market

Key Levels:

Resistance levels: $25, $27, $29

Support levels: $23, $22, $19

 

XAGUSD Long-term trend: Bullish

XAGUSD is bullish on the long-term outlook. Silver metal was bearish two weeks ago, the bears pushes the metal to the support level at $23 on March 30. The bears lost momentum and could not break down the mentioned level. The bulls opposed the price decrease with the formation of daily bullish candles. The price increased towards $25 price level. The Silver weekly market closed at $25 price level.

Silver Daily Chart, April 11

Silver metal has penetrated the 9 periods EMA and 21 periods EMA upside and the price trading above the two EMAs as a confirmation of bullish movement. The bulls are trying to break the confluence at $25, in case this happen, the resistance level at $27 and $29 may be tested. In case the resistance level at $25 hold the price then, the support level at $23, $22 and $19 may be retested.

 XAGUSD Medium-term Trend: Bearish

On the 4-hour chart, XAGUSD is bearish. When the bears’ momentum increases and the price decreased to the $23 support level last two weeks, the just mentioned support level hold the price with the aid of the bulls that defends the level. Bullish momentum was triggered with the formation of bullish engulfing candle and the Silver price increases towards the $25 resistance level.

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Silver 4-hour chart, April 11

Silver price is trading above the 21 periods EMA and 9 periods EMA. The Relative Strength Index period 14 is above 50 levels with the signal line pointing up to indicate a buy signal.

 



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