Silver (XAGUSD) Price May Increase to $27 Level, Provided $26 Level Does Not Hold – Cryptovibes.com – Daily Cryptocurrency and FX News
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SILVER Weekly Price Analysis – March 13
After the pullback, the bulls may increase their momentum and the resistance level at $26 may be penetrated to expose the price to $27 price level, which may increase to $28. In case the resistance level of $26 holds, the support level at $25, $24 and $23 may be reached
XAGUSD Market
Key Levels:
Resistance levels: $26, $27, $28
Support levels: $25, $24, $23
XAGUSD Long-term trend: Bullish
On the long-term outlook, XAGUSD is bullish. Silver metal was under the control of the buyers last week. This started on February 07. The bulls maintain their momentum, the resistance level of $26 was reached before the weekly market closed on March 11. The bulls are yet to break up the just mentioned resistance level. There is possibility that the bullish momentum may continue.
The resistance level of $26 is already tested and the price pulls back. The price is trading above the 9 periods EMA and 21 periods EMA as an indication of bullish trend. After the pullback, the bulls may increase their momentum and the resistance level at $26 may be penetrated to expose the price to $27 price level, which may increase to $28. In case the resistance level of $26 holds, the support level at $25, $24 and $23 may be reached. Silver metal has penetrated the 9 periods EMA and 21 periods EMA upside and the price is trading above the two EMAs which indicate the pressure of the bulls.
XAGUSD Medium-term Trend: Bullish
XAGUSD is bullish on the 4-hour chart. Immediately after the pullback experienced in the 4-hour chart two weeks ago. The bulls’ momentum pushes the price to break up the $25 resistance level. The price increase towards the resistance level of $26, the level was reached and the price started to consolidate.
Silver price is trading above the 9 periods EMA and 21 periods EMA. The Relative Strength Index period 14 is at 52 levels with the signal line parallel to the level displaying no specific direction which indicate that consolidation is in progress.
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