in

Silver (XAGUSD) Price Found Support at $23, Bullish Movement Triggers – Cryptovibes.com – Daily Cryptocurrency and FX News

Silver (XAGUSD) Price Found Support at $23, Bullish Movement Triggers – Cryptovibes.com – Daily Cryptocurrency and FX News


 SILVER Weekly Price Analysis – April 04

When the bulls maintain their momentum and the confluence at $25 level is penetrated upside, the resistance level at $27 and $29 may be tested. In case the resistance level at $25 is defended by the bears, then, the support level at $23, $22 and $19 may be revisited.

XAGUSD Market

Key Levels:

Resistance levels: $25, $27, $29

Support levels: $23, $22, $19

 

XAGUSD Long-term trend: Bullish

On the long-term outlook, XAGUSD is bullish. The metal continue its bearish movement after it breakout at the $25 price level. At the initial stage of Silver market last week, the metal was bearish and the price tested the support level at $23. It seems the bearish momentum is getting weak. The daily bullish candles emerges at the just mentioned level and the price increases towards resistance level of $25 before the closing of the last week market.

Silver daily chart, April 04

Silver is trying to penetrate the 9 periods EMA and 21 periods EMA upside and the price trading between the two EMAs as a confirmation of bullish movement. When the bulls maintain their momentum and the confluence at $25 level is penetrated upside, the resistance level at $27 and $29 may be tested. In case the resistance level at $25 is defended by the bears, then, the support level at $23, $22 and $19 may be revisited.

 XAGUSD Medium-term Trend: Bearish

On the 4-hour chart, XAGUSD is bearish. Last week, the bears’ momentum increases and the price decreased to the $23 support level. The mentioned level was defended by the bulls with the formation of bullish engulfing candle. Bullish momentum was triggered and the Silver price increases towards the $25 resistance level.

Silver 4-hour chart, April 04

Silver price is trading above the 21 periods EMA and 9 periods EMA. The Relative Strength Index period 14 is above 60 levels with the signal line pointing up to indicate buy signal.

 



Source link

Leave a Reply

Your email address will not be published. Required fields are marked *

GIPHY App Key not set. Please check settings

What do you think?

Crypto Analyst Ben Armstrong: 'Very Confident Bitcoin’s Going To Hit $300,000 This Year'

Crypto Analyst Ben Armstrong: ‘Very Confident Bitcoin’s Going To Hit $300,000 This Year’

Cryptopolitan

Ethereum Price Prediction $2,074 | Cryptopolitan