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Silver (XAGUSD) Price May Reverse at Support Level of $25 – Cryptovibes.com – Daily Cryptocurrency and FX News

Silver (XAGUSD) Price May Reverse at Support Level of $25 – Cryptovibes.com – Daily Cryptocurrency and FX News


SILVER Weekly Price Analysis – February 28

In case the Bears break down the support level of $25 and the daily bearish candle closes below the $25 price level, then, the Bears may push down the price to reach the support level of $22 and $19. Should the Bulls continue to defend the support level of $25, the price may reverse towards the resistance level at $27, $29 and $36.

XAGUSD Market

Key Levels:

Resistance levels: $27, $29, $36

Support levels: $25, $22, $19

 

XAGUSD Long-term trend: Bearish

On the long-term outlook, XAGUSD (Silver) is Bearish. The Bulls were in charge of the Silver market for more than 2 weeks. There was a price pullback three weeks ago; followed by a strong bullish daily candle that pushes the price towards the resistance level of $29. Last week was not exempted as the Bulls initially pushed up the price and the Bears rejected further increase in price. The price was pushed down and broke down the support level of $27. The Bears’ pressure led to the decrease in price and the market eventually closed below the resistance level of $27.

The 9 periods EMA is trying to cross the 21 periods EMA downside with the Silver price trading below the two EMAs and the distance between the price and the EMA is increasing which indicates an increase in bearish momentum. In case the Bears break down the support level of $25 and the daily bearish candle closes below the $25 price level, then, the Bears may push down the price to reach the support level of $22 and $19. Should the Bulls continue to defend the support level of $25, the price may reverse towards the resistance level at $27, $29 and $36.

However, the relative strength index period 14 is below 50 levels with the signal lines bending down to indicate a sell signal.

 XAGUSD Medium-term Trend: Bullish

XAGUSD is bearish on the 4-hour chart. The Silver price was about to reach the support level of $25 before it started retracement on February 28. It seems the bearish momentum is getting weak gradually and the support level of $25 may hold the price.

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The relative strength index period 14 is above 20 levels with the signal lines pointing up which indicate buy signal which may be a pullback.



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