Bullish Movement Restores and Price Targeting $26 Level – Cryptovibes.com – Daily Cryptocurrency and FX News
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SILVER Weekly Price Analysis – April 17
In case the bulls push up the price above the resistance level of $26, price may test the resistance levels of $27 and $28. Should the resistance level of $26 holds, 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. Two weeks ago, the metal pulled back when it tested the resistance level of $27 on March 08. The metal retested the support level of $23 and bounced back with formation of a pin bar. This scenario restored the bullish momentum in to the Silver market. Silver price has broken up the resistance level of $25 resistance level and it is targeting $26 price level.
Silver is trading above the 9 periods EMA and 21 periods EMA which indicates that bulls are dominating the Silver market. The fast moving Average (9 periods EMA) is trying to cross the slow moving Average (21 periods EMA) upside. In case the bulls push up the price above the resistance level of $26, price may test the resistance levels of $27 and $28. Should the resistance level of $26 holds, 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. Silver bounced off the resistance level of $25 as the bears opposed the bullish movement. The price pulled back and retested the support level of $23. On March 22, the bullish engulfing candle formed and this triggered a bullish momentum and the price increase towards $26 level.
Silver price is trading above the 9 periods EMA and 21 periods EMA. The Relative Strength Index period 14 is at 59 levels with the signal line displaying a bullish signal.
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