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Silver (XAGUSD) Price Breaks Up $27 Level, Targeting Resistance Level at $29 – Cryptovibes.com – Daily Cryptocurrency and FX News

Silver (XAGUSD) Price Breaks Up $27 Level, Targeting Resistance Level at $29 – Cryptovibes.com – Daily Cryptocurrency and FX News


SILVER Weekly Price Analysis – February 01

The bullish pressure may push up the price to break $29 level upside, then, $36 and $40 price level will be the target. In case the resistance level of $29 holds, the price may descend towards the support levels at $27, $25 and $22.

XAGUSD Market

Key levels:

Resistance levels: $29, $36, $40

Support levels: $27, $25, $22

XAGUSD Long-term trend: Bullish

XAGUSD is bullish on the long-term outlook. The bullish momentum continues in the Silver market. The support level of $25 was defended by the bulls last week with the formation of strong bullish daily candles that pushes the price towards the $27 price level before market closed last week. Today, the market open with another strong bullish candle that penetrates the resistance level of $27 and it is pushing the price towards the $29 price level.

Silver daily chart, February 01

The metal is trading above the 21 periods EMA and 9 periods EMA at a distance with the fast EMA crossed the slow EMA indicate that the bulls are in control of the Silver market. The bullish pressure may push up the price to break $29 level upside, then, $36 and $40 price level will be the target. In case the resistance level of $29 holds, the price may descend towards the support levels at $27, $25 and $22.

XAGUSD Medium-term Trend: Bullish

On the 4- hour chart XAGUSD is bullish. The metal was on the ranging movement last week till January 28. On the same day, the bulls gained more pressure to push the price upside. The $25 price level was penetrated upside and it increases towards the resistance level of $27 before the market closed last week. On 4-hour time frame, the market opened with a strong bullish candle that penetrates the resistance level of $27.

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Silver 4-hour chart, February 01

The price is moving towards the resistance level at $29, trading above the 9 periods EMA and 21 periods EMA. The Relative Strength Index period 14 is above 70 levels with the signal lines pointing up to indicate a buy signal.

 



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