XAG/USD bullish after last weeks low. Range expected awaiting Key Eurozone CPI and Central Bank Decisions
The current price of silver is showing a nice pullback trend, within a range with prices hovering around the 23.180 mark. Moreover the price is positioned between the 50 day and 200 day Moving Averages indicating a range bound market sentiment.
Scenario 1 (Bearish Scenario): In this scenario there is a chance that the price of silver might decrease further. The initial target for this movement is at the 23.130 level. If the price successfully reaches and breaks below this level it could continue to move downwards and test the 23.020 mark. It’s important to monitor support levels at 22.950 and 22.848 since breaking these levels could indicate a significant downward movement in the market.
Scenario 2 (Bullish Scenario): The price of silver has potential to reverse its momentum and rise from its level. The first target for this movement is, at the 23.360 mark. However there might be resistance encountered at the 23.490 level. If the price manages to surpass this resistance it may gain momentum to test the 23.584 mark.
The major resistance level to watch for obstacles lies at 23.717.
Key Levels to watch are 23.584,23.230,22.848,22.639,22.485
| Levels | Support | Resistance |
|---|---|---|
| Level 1 | 23.040 | 23.360 |
| Level 2 | 22.954 | 23.500 |
| Level 3 | 22.850 | 23.584 |