Bearish Movement Commences at Resistance Level of $26 Level – Cryptovibes.com – Daily Cryptocurrency and FX News

SILVER Weekly Price Analysis – April 24

Should the bulls opposed the bears at support level of $23, price may reverse and face the resistance levels of $24, $25 and $26. In case the bears push down the price to reach the support level of $23, the price may decrease to the support levels of $22 and $21.

XAGUSD Market

Key Levels:

Resistance levels: $24, $25, $26

Support levels: $23, $22, $21

XAGUSD Long-term trend: Bearish

XAGUSD is bearish on the long-term outlook. The bullish momentum pushed the price to penetrate the resistance level of $24. It increased to test the resistance level of $26. The metal pulled back when it tested the resistance level of $26 on April 18. Before the end of last week market, the metal reversed and retested the support level of $24 and penetrates the level. The price is expose to $23 support level at the moment. Further price declination is possible.

Silver is trading below the 9 periods EMA and 21 periods EMA which indicates that bears’ momentum is increasing in the Silver market. The fast moving Average (9 periods EMA) remains above the slow moving Average (21 periods EMA). Should the bulls opposed the bears at support level of $23, price may reverse and face the resistance levels of $24, $25 and $26. In case the bears push down the price to reach the support level of $23, the price may decrease to the support levels of $22 and $21.

XAGUSD Medium-term Trend: Bearish

XAGUSD is on the bearish movement on 4-hour chart. After the bouncing off of the Silver from the resistance level of $26, the price pulled back and tested $23 level. The bulls gained more pressure and push the price to penetrate the resistance level of $24 and $26 level was tested. Before the end of last week, price decreases and penetrated $24 level downside facing $23 level before market closed.

Silver price is trading below the 9 periods EMA and 21 periods EMA. The Relative Strength Index period 14 is below 26 levels with the signal line displaying a bearish signal.