in

Silver (XAGUSD) Price May Test $24 Support Level Before It Reverse – Cryptovibes.com – Daily Cryptocurrency and FX News

Silver (XAGUSD) Price May Test $24 Support Level Before It Reverse – Cryptovibes.com – Daily Cryptocurrency and FX News


SILVER Weekly Price Analysis – March 28

The formation of pin bar on March 25 followed with doji candles is an indication that bulls may take over the market coming week; if that happen, the price may find resistance at $25, $27 and $29 price levels. Should the bears defend the resistance level at $25, price may decrease further towards the support levels at $24, $22 and $19

XAGUSD Market

Key Levels:

Resistance levels: $25, $27, $29

Support levels: $24, $22, $19

 

XAGUSD Long-term trend: Bearish

On the long-term outlook, XAGUSD is bearish. Last week, the metal was range-bound within the resistance level of $27 and support level of $24. On March 23, the bears gained more pressure and  is seen on the daily chart with the formation of strong daily candle that break down the support level at $25 and the price decreases towards the support level of $24. The bulls are opposing further price decrease before weekly market closed.

Silver Daily chart, March 28

Silver has penetrated the 9 periods EMA and 21 periods EMA downside and the price trading below the two EMAs as a confirmation of bearish movement. The formation of pin bar on March 25 followed with doji candles is an indication that bulls may take over the market coming week; if that happen, the price may find resistance at $25, $27 and $29 price levels. Should the bears defend the resistance level at $25, price may decrease further towards the support levels at $24, $22 and $19

XAGUSD Medium-term Trend: Bearish

On the 4-hour chart, XAGUSD is bearish. The bears’ momentum increases after short period of consolidation that took place last week. The former support level of $25 has turned to resistance after strong bearish movement.   Silver price was moving towards the support level at $24.

  • Facebook
  • Twitter
  • LinkedIn
  • Pinterest
  • reddit
  • Tumblr
Silver 4-hour chart, March 28

Last week market closed with bearish movement below the 21 periods EMA and 9 periods EMA. The Relative Strength Index period 14 is below 50 levels with the signal line pointing down to indicate sell signal.

 



Source link

Comments

Leave a Reply

Your email address will not be published.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

GIPHY App Key not set. Please check settings

Loading…

0

What do you think?

Need some help with Blockchain.com

Ditto Promotes Accessible Finance for Streaming Artists with the Launch of Defi NFT Platform “Opulous” on Algorand Blockchain