#Silver (#XAGUSD) Forex Signal: Should Continue Bullish Ahead of Fed (21 March 2024)

Potential Signal: I would be a buyer on a dip to the 24.40 area, with a stop at 24. I would aim for 25.50 above.

• Silver initially pulled back a bit during trading on Wednesday, but it does look like we are trying to hang on to some support, and therefore, I think it makes quite a bit of sense that traders will continue to bounce around this same consolidation area.
• There are some things that I would watch very closely when it comes to this market.
• Number one is going to be the reaction to the Federal Reserve statement and press conference during the session. It's also worth noting that there are a couple of crucial levels that traders have been paying attention to for some time and they have proven to be quite reliable.

The Levels

The first one is the $26 level. The $26 level is a major ceiling in this market, going back multiple years. And as we are getting somewhat close to it, I have to wonder whether or not we have the momentum to punch through there and go higher. We may or may not, only time will tell, but if we do, it would obviously kick off a major FOMO trade. Short-term pullbacks at this point in time do make a certain amount of sense and the $24.50 level is another area I would be paying close attention to as it has shown itself to be important multiple times.

Short Term Elliott Wave view in Silver (XAGUSD) suggests that rally from 1.22.2024 low is in progress as a 5 wave impulse. Up from 1.22.2024 low, wave 1 ended at 23.32 and pullback in wave 2 ended at 21.94. Up from there, wave ((i)) ended at 23.49 and wave ((ii)) ended at 22.25. Wave ((iii)) higher ended at 24.62 and pullback in wave ((iv)) ended at 23.98. Final leg wave ((v)) ended at 25.44 which completed wave 3.

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#Silver (#XAGUSD) Looking to Extend Lower in Sideways Price Action (08 Feb 2024)

Short Term Elliott Wave view in Silver (XAGUSD) suggests that the metal has traded sideways since the low in August 2022. The short term 1 hour chart below shows the move down from 12.4.2023 high which takes the form of a double three Elliott Wave structure. Down from 12.4.2023 high, wave W ended at 22.49 and rally in wave X ended at 24.6. Wave Y lower is in progress as a zigzag structure. Down from wave X, wave ((a)) ended at 21.91 as the 1 hour chart below shows. Up from there, wave (a) ended at 23.02 and pullback in wave (b) ended at 22.68. Wave (c) lower ended at 23.31 which completed wave ((b)) corrective rally.

Wave ((c)) lower is in progress as a 5 waves impulse Elliott Wave structure. Down from wave ((b)), wave (i) ended at 22.22 and rally in wave (ii) ended at 22.48. The metal then extended lower in wave (iii). Near term, as far as pivot at 23.3 high stays intact, expect rally to fail in 3, 7, 11 swing and the metal to extend lower. Potential target lower is 100% – 161.8% Fibonacci extension from 12.4.2023 high. This area comes at 19.1 – 21.2 where buyers can appear for further upside or 3 waves rally at least.

XAGUSD 60 Minutes Elliott Wave Chart

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#Silver #XAGUSD Found Intraday Buyers At The Equal Legs Area (21 NOV 2023)

Hello fellow traders. In this article we’re going to take a quick look at the Elliott Wave charts of Silver, published in members area of the website. As our members know Silver has recently made a short term 3 waves pull back that has reached its target area and found buyers. In the further text we are going to explain the Elliott Wave Forecast.

Silver 1 Hour Elliott Wave Analysis 11.20.2019

Silver ended cycle from the 21.85 low as 5 waves structure, labeled as wave 1 red. Currently doing wave 2 red pull back which is showing incomplete structure. Lower low sequences from the peak suggests we are still in ((c)) leg which should ideally give us more weakness toward 23.21-22.84 area. At that area we expect buyers to appear for proposed rally or 3 wave bounce alternatively. Although we expect to see another marginal push down, we advise members to avoid selling against the main bullish trend. We favor the long side from the marked equal legs area. As our members know, Equal Legs are no enemy areas , giving us 85% chance to get a bounce.

Silver 1 Hour Elliott Wave Analysis 11.21.2019

Pull back completed right at equal legs zone at 23.21-22.84 . Silver found buyers at the marked zone and we are getting good reaction from there. Rally from the buyers zone reached 50fibs against the ((b)) high, so any longs should be risk free by now. We count Wave 2 red pull back completed at the 23.25 low. Alternatively if that level gets broken, Silver can make deeper pull back toward 22.92-22.71 area.

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#Silver (#XAGUSD) Ended Correction and Turned Higher (14 NOV 2023)

Silver (XAGUSD) cycle from 10.3.2023 low is in progress as an impulse. Up from 10.3.2023 low, wave (1) ended at 23.69 and pullback in wave (2) is proposed complete at 21.86. Down from wave (1), wave W ended at 22.52 and rally in wave X ended at 23.3. Internal subdivision of wave X unfolded as a zigzag structure. Up from wave W, wave ((a)) ended at 23.12, wave ((b)) ended at 22.57, and wave ((c)) ended at 23.3. This completed wave X in higher degree.

The metal then extended lower in wave Y. Down from wave X, wave ((a)) ended at 22.28, and wave ((b)) rally ended at 22.98. Wave ((c)) lower ended at 21.86 which also completed wave Y of (2) in higher degree. The metal has turned higher in wave (3). A break above wave (1) at 23.69 will confirm this view. Up from wave (2), expect wave (i) to end soon, then it should pullback in wave (ii) to correct the rally in wave (i) before the metal resumes higher again. Near term, as far as pivot at 21.86 low stays intact, expect pullback to find support in 3, 7, 11 swing for further upside.

Silver 60 Minutes Elliott Wave Chart

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#XAGUSD: #Silver Hits New Multi-Month Low in Extension of August 11.4% Fall (1 Sep 2022)

Spot silver entered new month firmly in red and hit new lowest in over two-years on Thursday, in extension of August’s 11.4% fall (the biggest monthly loss since September 2020).

The metal is under pressure by rising dollar on expectations of further aggressive rate hike and also by slower recovery in certain sectors where silver is used (industrial and jewellery).

Bearish studies add to negative outlook, along with negative signals on weekly bull-trap above 200WMA; completion of weekly failure swing pattern and converged 20/200WMA’s, about to form bear-cross.

Additional negative signal was generated by Aug close below pivotal Fibo support at $18.44 (61.8% of $11.23/$30.10 rally).

Bears eye June 2020 low ($16.94), violation of which would risk test of Fibo 76.4% support at $15.68.

Oversold conditions warn of some adjustment in coming sessions, with upticks to be ideally capped by falling daily Tenkan-sen (18.53) to keep bears intact.

Only bounce through $19.25/28 (daily Kijun-sen / daily cloud base) would put larger bears on hold.

Res: 18.00; 18.53; 18.74; 19.25.
Sup: 17.64; 16.94; 16.45; 15.68.

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#Silver (#XAGUSD) Impulsive Rally Suggests Further Upside (9 AUGUST 2022)

Short Term Elliott Wave View in Silver suggests the rally from 7.14.2022 low is unfolding as a 5 waves impulse Elliott Wave structure. Up from 7.14.2022 low, wave ((i)) ended at 19.016 and dips in wave ((ii)) ended at 18.22. The metal then extended higher in wave ((iii)) towards 20.508 and dips in wave ((iv)) ended at 19.53. As the 30 minutes chart below shows, internal of wave ((iv)) unfolded as a double three structure. Down from wave ((iii)), wave (w) ended at 19.76, rally in wave (x) ended at 20.39, and final leg lower wave (y) ended at 19.53 which also completed wave ((iv)).

Wave ((v)) is in progress and should end soon. Up from wave ((iv)), wave (i) ended at 20 and pullback in wave (ii) ended at 19.78. The metal then extended higher in wave (iii) towards 20.74, and dips in wave (iv) ended at 20.57. Expect the metal to end wave (v) with 1 more leg higher and this should complete wave ((v)) of A as well. Metal should then pullback to correct cycle from 7.14.2022 low within wave B in larger degree 3, 7, or 11 swing before the rally resumes.

XAGUSD 30 Minutes Elliott Wave Chart

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Weekly #Gold (#XAUUSD) & #Silver (#XAGUSD) Analysis (25-29 JULY 2022)

 

Gold (XAUUSD) Price: Potential Bullish Reversal Level Is Tested at $1,681 Level

Gold Weekly Price Analysis – July 21

In case the price increase and close above the resistance level of $1,723 level, the resistance levels at $1,761, and $1,786 may be the targets. Should the support level of $1,681 is penetrated downside, then, support level of $1,599 and $1,465 may be tested

XAUUSD Market

Key levels:

Resistance levels: $1,723, $1,761, $1,786

Support levels: $1,681, $1,599, $1,465

XAUUSD Long-term Trend: Bearish

On the long-term outlook Gold is bearish. More pressure from the sellers leads to further price declination of Gold. That is to say, Gold price decreases as the sellers’ pressure increase. The support level of $1,761 and $1,723 could not holds. More daily bearish candles were produced. The price broke down a significant price level at $1,723. The price tested the support level $1,681 and bounced, pulling back before weekly market closed.

The price is trading between the 9-periods EMA and 21-periods EMA with the two EMAs descending towards the south and as a sign of bearish movement in the Gold market. In case the price increase and close above the resistance level of $1,723 level, the resistance levels at $1,761, and $1,786 may be the targets. Should the support level of $1,681 is penetrated downside, then, support level of $1,599 and $1,465 may be tested

XAUUSD Medium-term Trend: Bullish

Gold is bullish in the 4-hour chart. The price of Yellow metal has been reduced to the support level of $1,681 last week. Buyers interrupted the bearish movement with the formation of bullish engulfing candle. The price has commenced a bullish movement on the 4-hour chart. It seems the bears’ pressure is getting exhausted at the mentioned support level. Buyers are demonstrating an increase in momentum as the resistance level of $1,723 is broken upside.

The price is trading above the two EMAs which indicates that the buyers are trading at increased momentum. The Relative Strength Index period 14 is at 59 levels with the signal line pointing upside to indicate buy signal.

Silver (XAGUSD) Price Tests Potential Bullish Reversal Level

SILVER Weekly Price Analysis – July 24

In case the bears push down the price to break down the support level of $17, the price may decrease to the support levels of $16 and $15. Should the bulls defend the support level of $17, price may reverse and face the resistance levels of $18, $19 and $20.

XAGUSD Market

Key Levels:

Resistance levels: $18, $19, $20

Support levels: $17, $16, $15

XAGUSD Long-term trend: Bearish

XAGUSD is bearish on the long-term outlook. The white metal did not make a tangible change in the price it was two weeks ago. The support level of $18 holds and the bears could not break down the level. The bulls tried to push up the price on July 21 but the resistance level of $18 holds. Last week, the metal trade within the $18 and $16 price level. However, bearish pressure prevailed over the bullish but the support level of $18 is yet to be broken downside.

Silver is trading below the 9 periods EMA and 21 periods EMA which indicates that bears hold unto the Silver market. In case the bears push down the price to break down the support level of $17, the price may decrease to the support levels of $16 and $15. Should the bulls defend the support level of $17, price may reverse and face the resistance levels of $18, $19 and $20.

XAGUSD Medium-term Trend: Bearish

XAGUSD is on the bearish movement on 4-hour chart. When the metal bounced off of the resistance level of $26, the bears’ pressure increased and push the price to penetrate the support level of $19 and $18. Before the end of last week, price decreases and tested the support level of $17.

Silver price is trading below the 9 periods EMA and 21 periods EMA. The Relative Strength Index period 14 is at 43 levels with the signal line displaying a bearish signal.

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Weekly #Gold (#XAUUSD)and #Silver (#XAGUSD) Price Analysis (23-27 MAY 2022)

 

Gold (XAUUSD) Price: Bullish trend May Commence Next Week

Gold Weekly Price Analysis – May 21

Price may reverse at the previous low of $1,805 provided it holds and the bullish momentum may commence which may target $1,833, $1,868 and $1,888 resistance levels. In case the support level of $1,805 does not hold the support levels at $1,761, and $1,723 may be tested.

XAUUSD Market

Key levels:

Resistance levels: $1,833, $1,868, $1,888

Support levels: $1,805, $1,761, $1,723

XAUUSD Long-term Trend: Bearish

Gold is bearish on the long-term outlook. The previous low 0f $1,805 was tested last week after sellers increased their pressure. The bearish pressure pushed the price to break down the support level at $1,868 and $1,833 levels. The force of the bears increased and the price experienced a fake breakout on May 16. It seems the bulls is defending the support level of $1,805 and the bulls’ pressure is increasing gradually.

Gold has penetrated the 9 periods EMA while the 21 periods EMA is above the price which indicate that bulls are preparing to dominate the market. The two EMAs are descending towards the south and the price is trading between the two EMAs. Price may reverse at the previous low of $1,805 provided it holds and the bullish momentum may commence which may target $1,833, $1,868 and $1,888 resistance levels. In case the support level of $1,805 does not hold the support levels at $1,761, and $1,723 may be tested.

XAUUSD Medium-term Trend: Bullish

Gold is bullish in the 4-hour chart. Bears were not able to push down price below $1,805 level before bulls took over the market last week. The bulls defends the just mentioned level and this what makes the Gold price increasing towards the $1,868 price level. The bullish trend is commencing in the Gold market.

Gold is trading above the two EMAs. The 9 periods EMA has crossed the 21 periods EMA upside. The Relative Strength Index period 14 is at 60 levels with the signal line pointing upside to indicate buy signal.

Silver (XAGUSD) Price: Will There Be a Retest at $21 Before Reversal?

SILVER Weekly Price Analysis – May 22

Further increase in the Silver price is highly envisaged. As long as the Bulls momentum breaks up the 21 periods EMA, the price may find its resistance at $24 price level when it break $22 and $23 levels.

XAGUSD Market

Key Levels:

Resistance levels: $22, $23, $24

Support levels: $21, $20, $19

XAGUSD Long-term trend: Bearish

On the long-term outlook, XAGUSD (Silver) is bearish. The Bulls were unable to push the Silver price above the $26 resistance level. Initially, the Bulls were in control of the Silver market but found it difficult to penetrate the barrier at the just mentioned level. The Bears took over the Silver market and the price pulled back towards the south, bears increase their pressure and the price reduces to $22 price level. Further pressure from the sellers reduce the Silver price below $22, tested $20 level.

The Silver price retains its trading below the 21 periods EMA but above the 9 periods EMA; which implies weak bearish momentum. The relative strength index period 14 is at 39 levels with the signal lines pointing upside to connote buy signaling. Further increase in the Silver price is highly envisaged. As long as the Bulls momentum breaks up the 21 periods EMA, the price may find its resistance at $24 price level when it break $22 and $23 levels.

XAGUSD Medium-term Trend: Bearish

XAGUSD is bearish on the daily chart. The Silver price has been under bearish pressure for more than two weeks on the 4-hour chart with the candles pushing down the price towards $21 level. On May 13, the Silver price had a pullback with the formation of a strong bullish candle and the price is increasing towards the $22 price level.

The Silver price is slightly above the 9 periods EMA and 21 periods EMA.. The relative strength index period 14 is above 53 levels with the signal lines pointing up to indicate buy signal. In case the Bears gain more pressure the price may return to the previous low of $21 level.

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Weekly #Gold (#XAUUSD) and #Silver (#XAGUSD) Price Analysis (16-20 MAY 2022)

 

Gold (XAUUSD) Price; Bulls May Take Over Soon

Gold Weekly Price Analysis – May 14

The previous low at $1,805 may be penetrated provided support level at $1,805 does not hold and the bearish momentum may be extended to $1,761 and $1,723. In case the support level of $1,805 holds the resistance levels at $1,833, $1,868 and $1,888 may be the targets.

XAUUSD Market

Key levels:

Resistance levels: $1,833, $1,868, $1,888

Support levels: $1,805, $1,761, $1,723

XAUUSD Long-term Trend: Bearish

Gold is bearish on the long-term outlook. The sellers hold tight to the Gold market. The bearish pressure pushed the price to hit the support level at $1,868 on 02 May with a strong bearish candle. The force of the bulls prevented the breakdown of the just mentioned support level. On May 09, the price bounced and decreases towards the support level of $1,833. The price is gradually decreasing to break down the support level of $1,805.

As a sign of bearish movement in the Gold market, the two EMAs are descending towards the south and the price is trading below the 9-periods EMA and 21-periods EMA. The previous low at $1,805 may be penetrated provided support level at $1,805 does not hold and the bearish momentum may be extended to $1,761 and $1,723. In case the support level of $1,805 holds the resistance levels at $1,833, $1,868 and $1,888 may be the targets.

XAUUSD Medium-term Trend: Bearish

Gold is bearish in the 4-hour chart. Bulls were not able to push up price above $1,888 level before bears took over the market last two weeks. The bears are oppressing the bulls and this what makes the Gold price fall below the $1,833 price level. The bears are prevailing in the Gold market.

Bears are holding tight to the Gold market as the price is trading below the two EMAs. The Relative Strength Index period 14 is at 30 levels with the signal line pointing downside to indicate sell signal.

Silver (XAGUSD) Price Broke Down $21.4 Support Level and Tests $20.4

SILVER Weekly Price Analysis – May 15

Should the bears penetrate the support level of $20.4 the support level of $19.5 may be reached and there is possibility that $18.8 level may be tested. In case the bulls defend the support level of $20.4, price may reverse and face the resistance levels of $21.4, $22.1 and $23.4.

XAGUSD Market

Key Levels:

Resistance levels: $21.4, $22.1, $23.4

Support levels: $20.4, $19.5, $18.8

XAGUSD Long-term trend: Bearish

XAGUSD is bearish on the long-term outlook. There was a bearish movement in the white metal market last week. The support level of $22.1 could not hold the price and the bears broke down the mentioned level. The price penetrated the support level of $21.4 and the support level of $20.4 was reached. On 13 May, bulls dominated market and the price pulled back. There is possibility that there may be a continuation of bearish movement.

Silver is trading below the 9 periods EMA and 21 periods EMA which indicates that bears are dominating the Silver market. Should the bears penetrate the support level of $20.4 the support level of $19.5 may be reached and there is possibility that $18.8 level may be tested. In case the bulls defend the support level of $20.4, price may reverse and face the resistance levels of $21.4, $22.1 and $23.4.

XAGUSD Medium-term Trend: Bearish

XAGUSD is on the bearish movement on 4-hour chart. There was a bearish reversal at the resistance level of $26 on 18 April with the formation of bearish engulfing candle. The bears’ pressure increased and push the price to penetrate the support level of $22.1, $21.4 before the end of last week Price decreases and tested the support level of $20.4.

Silver price is trading below the 9 periods EMA and 21 periods EMA. The Relative Strength Index period 14 is at 43 levels with the signal line displaying a bullish signal.

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Weekly #Gold (#XAUUSD) and #Silver (#XAGUSD) Price Analysis (8 MAY 2022)

 

Gold (XAUUSD) Price; Bulls May Take Over Soon

Gold Weekly Price Analysis – May 07

The previous low at $1,805 may be retested provided support level at $1,868 does not hold and the bearish momentum may be extended to $1,833 and $1,805. In case the support level of $1,868 holds the resistance levels at $1,883, $1,888 and $1,950 may be the targets.

XAUUSD Market

Key levels:

Resistance levels: $1,883, $1,888, $1,950

Support levels: $1,868, $1,833, $1,805

XAUUSD Long-term Trend: Bearish

On the long-term outlook, Gold is bearish. The sellers hold tight to the Gold market. The bearish pressure pushed the price to hit the support level at $1,883 on 29 March with a strong bearish candle. The force of the bulls prevented the breakdown of the $1,883 support level. On March 30, the price bounced and increases towards the dynamic resistance level. The further price increase is prevented by the dynamic resistance level. The price gradually decreased to support level at $1,868 before the weekly market closed.

The two EMAs are descending towards the south and the price is trading below the 9-periods EMA and 21-periods EMA as a sign of bearish movement in the Gold market. The previous low at $1,805 may be retested provided support level at $1,868 does not hold and the bearish momentum may be extended to $1,833 and $1,805. In case the support level of $1,868 holds the resistance levels at $1,883, $1,888 and $1,950 may be the targets.

XAUUSD Medium-term Trend: Bearish

Gold is bearish in the 4-hour chart. Several attempts made by the bulls to break up at $1,888 were proof abortive. The bears are oppressing the bulls and this what makes the Gold price fluctuate below the $1,883 price level. The bears are prevailing in the Gold market.

The price is trading below the two EMAs which indicates that the bears are holding tight to the Gold market. The Relative Strength Index period 14 is at 51 levels with the signal line pointing upside to indicate buy signal. The bulls may take over the market soon.

Silver (XAGUSD) Price Is Targeting Previous Low at $21 Support Level

SILVER Weekly Price Analysis – May 08

In case the bears push down the price to break down the support level of $22, the price may decrease to the support levels of $21 and $20. Should the bulls defend the support level of $22, price may reverse and face the resistance levels of $23, $24 and $25.

XAGUSD Market

Key Levels:

Resistance levels: $23, $24, $25

Support levels: $22, $21, $20

XAGUSD Long-term trend: Bearish

XAGUSD is bearish on the long-term outlook. The white metal did not make a tangible change in the price it was two weeks ago. The support level of $22 holds and the bears could not break down the level. The bulls tried to push up the price on May 04 but the resistance level of $23 holds. Last week, the metal trade within the $23 and $22 price level. However, bearish pressure prevailed over the bullish but the support level of $22 is yet to be broken downside.

Silver is trading below the 9 periods EMA and 21 periods EMA which indicates that bears holds unto the Silver market. In case the bears push down the price to break down the support level of $22, the price may decrease to the support levels of $21 and $20. Should the bulls defend the support level of $22, price may reverse and face the resistance levels of $23, $24 and $25.

XAGUSD Medium-term Trend: Bearish

XAGUSD is on the bearish movement on 4-hour chart. When the metal bounced off of the resistance level of $26, the price pulled back and tested $24 level. The bears’ pressure increased and push the price to penetrate the support level of $24 and $23. Before the end of last week, price decreases and tested the support level of $22.

Silver price is trading below the 9 periods EMA and 21 periods EMA. The Relative Strength Index period 14 is at 28 levels with the signal line displaying a bearish signal.

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📊LIVE #forex SIGNAL #AUDUSD #XAUUSD: 3 May 2022📊

 #AUDUSD BUY @ 0.7115

Target 0.7160

Stoploss 0.7080

#Gold SELL @ 1860 (EXECUTED)

Target @ 1850

Target2 @ 1845

Stop loss @ 1870

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Weekly #Gold (#XAUUSD) and #Silver (#XAGUSD) Price Analysis: 2 May 2022

 Gold (XAUUSD) Price: Bears Are Dominating Gold Market

Gold Weekly Price Analysis – April 30

Should the bears break down $1,888 level, price may decrease to the support levels at $1,868 and $1,833. In case bulls push Gold to break up the resistance level at $1,915, then, $1,950 resistance level may be tested and there may be a price inclination to the resistance level of $1,975

XAUUSD Market

Key levels:

Resistance levels: $1,915, $1,950, $1,975

Support levels: $1,888, $1,868, $1,833

XAUUSD Long-term Trend: Bearish

Gold is bearish on the long-term outlook. The bullish momentum has pushed the price to test the resistance level of $1,996. It seems the bulls’ momentum is getting weak when the price reached the resistance level of $1,996. The yellow metal demonstrated a consolidation movement at the $1,908 price level. Last week, the bears dominated the market and the price decreased to test the support level at $1,888 before the closing of the weekly market.

old market closed with a strong bearish momentum as indicated on the daily chart. Gold has penetrated the 9 periods EMA and 21 periods EMA downside. The fast moving average is already below the slow moving average which indicate an increase in the bears’ momentum. Should the bears break down $1,888 level, price may decrease to the support levels at $1,868 and $1,833. In case bulls push Gold to break up the resistance level at $1,915, then, $1,950 resistance level may be tested and there may be a price inclination to the resistance level of $1,975

XAUUSD Medium-term Trend: Bearish

Gold is bearish on the 4-hour chart. Gold price tested the resistance level at $1,996 on April 18 and pulled back as the level holds. The bullish momentum is opposed by the bears. The support level of $1,888 is tested before the closing of the market.

Gold is trading below the 9 periods EMA and 21 periods EMA with the former EMAs below the later as an indication of an increased bearish momentum. The Relative Strength Index period 14 is at 44 levels with the signal line pointing down to indicate sell signal.

Silver (XAGUSD) Price May Retest $22 Support Level

SILVER Weekly Price Analysis – May 01

Should the bulls opposed the bears at support level of $22, price may reverse and face the resistance levels of $23, $24 and $25. In case the bears push down the price to reach the support level of $23, the price may decrease to the support levels of $21 and $20.

XAGUSD Market

Key Levels:

Resistance levels: $23, $24, $25

Support levels: $22, $21, $20

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 and 25. It increased to test the resistance level of $26. The metal reversed when it tested the resistance level of $26 on April 19. Before the end of last week market, the metal retested the support level of $23 and penetrates the level. The price is expose to $22 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. Should the bulls opposed the bears at support level of $22, price may reverse and face the resistance levels of $23, $24 and $25. In case the bears push down the price to reach the support level of $23, the price may decrease to the support levels of $21 and $20.

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 $24 level. The bears gained more pressure and push the price to penetrate the support level of $24 and $23. Before the end of last week, price decreases and penetrated $23 level downside facing $22 level before market closed.

Silver price is trading below the 9 periods EMA and 21 periods EMA. The Relative Strength Index period 14 is at 29 levels with the signal line displaying a bearish signal.

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