https://ift.tt/1LDmIac (XAGUSD) Price May Break Up Resistance Level of $26 – Cryptovibes.com – Daily Cryptocurrency and FX News

SILVER Weekly Price Analysis – March 06

Should the bulls are able to increase their momentum and penetrate the resistance level at $26 with the daily candle close above it, then, the price may increase further to $27 and $28 price level. In case the bears defend the resistance level of $26, the support level at $25 may be reached and price may decrease to $23 and $22 levels.

XAGUSD Market

Key Levels:

Resistance levels: $26, $27, $28

Support levels: $25, $23, $22

XAGUSD Long-term trend: Bullish

XAGUSD is bullish on the long-term outlook. The bulls prevented further price reduction on February 24 when the price dropped from the high of $25 to $23 level. Silver metal remains under the control of the bulls. The currency pair is pushed up and the barrier at the resistance level of $24 could not withstand the bulls’ pressure. The resistance level of $25 was broken upside last week and the price is exposed to $26 price level.

The price is trading above the 9 periods EMA and 21 periods EMA at distance as an indication of bullish movement.  Should the bulls are able to increase their momentum and penetrate the resistance level at $26 with the daily candle close above it, then, the price may increase further to $27 and $28 price level. In case the bears defend the resistance level of $26, the support level at $25 may be reached and price may decrease to $23 and $22 levels. The relative strength index period 14 is at 72 levels and the signal line bending up to indicate buy signal.

 XAGUSD Medium-term Trend: Bullish

XAGUSD is bullish on the 4-hour chart. The price was pulling back last week from the resistance level of $25to retest the support level of $23. The bulls opposed the bears at the mentioned level and it increases by breaking up the resistance level of $24. The price consolidates briefly at $25 level. However, the bulls’ momentum pushes the price to above the resistance level of $25 heading towards $26 price level before market closed last week.

Silver price is trading above the 9 periods EMA and 21 periods EMA. The Relative Strength Index period 14 is displaying a bullish market direction at 69 level.