Bulls Oppose Bears at $24 Support Level – Cryptovibes.com – Daily Cryptocurrency and FX News
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SILVER Weekly Price Analysis – March 26
In case the bulls push up the price to reach the resistance level of $26, the price may increase to the resistance levels of $27 and $28. Should the bears oppose the bears at resistance level of $26, price may reverse and face the support levels of $25, $24 and $23.
XAGUSD Market
Key Levels:
Resistance levels: $26, $27, $28
Support levels: $25, $24, $23
XAGUSD Long-term trend: Bullish
XAGUSD is bullish on the long-term outlook. The white metal increased to the resistance level of $27 on March 08 under the bullish momentum. The price could not increase further as the bears defend the mentioned level. The bears pushed the price to retest the support level of $24 and carried out a ranging movement within $24 and $25 levels for many days. On March 24, the resistance level of $25 was penetrated. The price is heading towards the resistance level of $26.
Silver is trading above the 9 periods EMA and the 21 periods EMA which indicates that bulls’ momentum is increasing in the Silver market. The fast moving Average (9 periods EMA) remains above the slow moving Average (21 periods EMA). In case the bulls push up the price to reach the resistance level of $26, the price may increase to the resistance levels of $27 and $28. Should the bears oppose the bears at resistance level of $26, price may reverse and face the support levels of $25, $24 and $23.
XAGUSD Medium-term Trend: Bullish
XAGUSD is on the bullish movement on 4-hour chart. The price bounced off from the resistance level of $27 when it was tested with the aid of bullish momentum. The price decline and retested $24 level. The bulls gained more pressure and push the price to break up the resistance level of $25. Before the end of last week, price was increasing towards the resistance level of $26.
Silver price is trading above the 9 periods EMA and 21 periods EMA. The Relative Strength Index period 14 is at 58 levels with the signal line displaying a bullish signal.
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