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SILVER Weekly Price Analysis – March 06
In case the bulls are able to increase their momentum and penetrate the resistance level at $25 with the daily candle close above it, then, the price may increase further to $26 and $27 price level. Should the bears defend the resistance level of $25, the support level at $24 may be penetrated and price may decrease to $23 and $22 levels.
XAGUSD Market
Key Levels:
Resistance levels: $25, $26, $27
Support levels: $24, $23, $22
XAGUSD Long-term trend: Bullish
On the long-term outlook, XAGUSD is bullish. Bulls dominate the Silver market started from February 04. The bulls push up the currency pair and the resistance levels of $21, $22 and $23 has turned to support levels. The white metal pulls back to retest the support level of $23 before bulls exert more pressure and the price increase to $25 level. There is tendency for the price to increase further this week if bulls exert more pressure.
XAGUSD Medium-term Trend: Bullish
XAGUSD is bullish on the 4-hour chart. Last week, the bears’ momentum pushes the price from the $25 resistance level. The bulls’ pressure could not break up the level due to weak bullish momentum. The evening star candle pattern formed and the bears’ momentum increased and tested $23 level. At the moment, the price is inclining to break up $25 resistance level.
