SILVER Weekly Price Analysis – April 10
The strong bullish candle formed after that confirmed the beginning of bullish trend that may have the $25 price level as its target and above it are $26 and $27 resistance price levels.
Resistance levels: $24, $25, $26
Support levels: $23, $22, $21, $20
XAGUSD Long-term trend: Bearish
On the long-term outlook, XAGUSD continues its bearish movement. The Silver market is still under the control of the Bears. The Bulls tried to push up the metal last two weeks; it was resisted at the resistance level of $26. The bullish candle formed could not break up the mentioned level and a bearish engulfing candle emerged the following day triggered a bearish momentum. The price descend and the support levels of $25 and $24 were broken downside. The price was aiming at the $23 support level before market closed.
More bearish candles are emerging under the 9 periods EMA and 21 periods EMA with the two EMAs bending towards the bearish direction; this indicates strong bearish strength in the Silver market. There is a probability that the Silver price will reach the support level of $22 as the bearish pressure increases. Below the current price are $23, $22 and $20 support levels. The relative strength index period 14 is close to the 50 levels with the signal lines pointing up to indicate buy signal and the Bulls’ pressure.
XAGUSD Medium-term Trend: Bullish
XAGUSD is still bullish on the daily chart. The bearish momentum on the medium-term has resulted in the formation of double bottom chart pattern. The bottom twizzer candle pattern that formed on March 29 consecutively indicates a bullish reversal signal. The strong bullish candle formed after that confirmed the beginning of bullish trend that may have the $25 price level as its target and above it are $26 and $27 resistance price levels.
Silver is trading above the two EMAs as an indication of bullish movement. The relative strength index period 14 is above 50 levels with the signal lines point up to indicate buy signal.