https://ift.tt/un4syB0 (XAGUSD) Price Bounces Off $25 Resistance Level, Testing $23 Level – Cryptovibes.com – Daily Cryptocurrency and FX News

 SILVER Weekly Price Analysis – February 27

In case the bears are able to increase their momentum and penetrate the support level at $23 with the daily candle close below it, then, the price may decrease further to $22 and $21 price level. Should the bulls defend the support level of $23, the resistance level at $25 may be penetrated and price may increase to $26 and $27 levels.

XAGUSD Market

Key Levels:

Resistance levels: $25, $26, $27

Support levels: $23, $22, $21

XAGUSD Long-term trend: Bullish

XAGUSD is bullish on the long-term outlook. Silver metal remains under the control of the bulls. The currency pair is pushed up but the barrier at the resistance level of $25 prevents further increase. The white metal pulls back to retest the support level of $23 before weekly market closed last week. There is tendency for the price to decrease further this week before bullish trend continues. However, Silver price is carrying out a retracement before weekly market closed.

The price is trading above the 9 periods EMA and 21 periods EMA at close contact as an indication of bearish movement.  In case the bears are able to increase their momentum and penetrate the support level at $23 with the daily candle close below it, then, the price may decrease further to $22 and $21 price level. Should the bulls defend the support level of $23, the resistance level at $25 may be penetrated and price may increase to $26 and $27 levels. The relative strength index period 14 is at 51 levels and the signal line bending down to indicate sell signal.

 XAGUSD Medium-term Trend: Bearish

XAGUSD is bearish on the 4-hour chart. The bulls’ momentum pushes the price to test the $25 resistance level last week. It could not break up the level due to weak bullish momentum. The evening star candle pattern formed and the bears’ momentum increased. The price is declining to teste $23 support level.

Silver price is trading below the 9 periods EMA and 21 periods EMA. The Relative Strength Index period 14 is displaying a bullish market direction which may be a pullback.