Silver (XAGUSD) Price may Retest Previous Low at $21.25 Before Bullish Movement Continues

Updated:

Silver Weekly Price Analysis – June 23

In case the bears penetrate the support level of $21.25 the support level of $20.45 may be reached and there is possibility that $19.8 level may be tested. Should the bulls defend the support level of $21.25, price may reverse and face the resistance levels of $21.75, $22.16 and $23.90.

XAGUSD Market

Key Levels:

Resistance levels: $21.75, $22.16, $23.90

Support levels: $21.25, $20.45, $19.8

XAGUSD Long-term trend: Bearish

XAGUSD is bearish on the long-term outlook. The price action has formed a double bottom chart pattern on the daily chart. The buyers have gained momentum and the price started bullish movement last two weeks. The buyers’ momentum decreases in the Silver market when the price reached the resistance level of $22.16. The resistance level of $21.75 hold the price and the bulls could not break up the mentioned level. Sellers are dominating Silver market and the price pulled back targeting previous low.

Silver is trading below the 9 periods EMA and 21 periods EMA which indicates that bears are dominating the Silver market. In case the bears penetrate the support level of $21.25 the support level of $20.45 may be reached and there is possibility that $19.8 level may be tested. Should the bulls defend the support level of $21.25, price may reverse and face the resistance levels of $21.75, $22.16 and $23.90.

XAGUSD Medium-term Trend: Bearish

XAGUSD is on the bearish movement on 4-hour chart. Last two weeks, white metal was trying to experience a bullish reversal at the support level of $20.4 with the formation of double bottom chart pattern. The bulls’ pressure increased and push the price to test the resistance level of $21.7. At the moment, sellers are opposing the buyers and the price is heading towards south.

Silver price is trading slightly below the 9 periods EMA and 21 periods EMA. The Relative Strength Index period 14 is at 45 levels with the signal line displaying a bearish signal.

You can purchase Lucky Block here. Buy LBlock

  • Broker
  • Benefits
  • Min Deposit
  • Score
  • Visit Broker
  • 20% welcome bonus of upto $10,000
  • Minimum deposit $100
  • Verify your account before the bonus is credited
$100 Min Deposit
9
  • Award-winning Cryptocurrency trading platform
  • $100 minimum deposit,
  • FCA & Cysec regulated
$100 Min Deposit
9.8
  • Over 100 different financial products
  • Invest from as little as $10
  • Same-day withdrawal is possible
$100 Min Deposit
9.8
  • Award-winning Cryptocurrency trading platform
  • 14 Cryptoassets available to invest in
  • FCA & Cysec regulated
$200 Min Deposit
9.8

Highly volatile unregulated investment products. No EU investor protection.

  • Trade top Cryptos such as Bitcoin, Litecoin and Ethereum plus more
  • Zero commissions and no bank fees on transactions
  • Around the clock service with support in 14 languages
$100 Min Deposit
8.5
  • The Lowest Trading Costs
  • 50% Welcome Bonus
  • Award-winning 24 Hour Support
$200 Min Deposit
9
  • Fund Moneta Markets account with a minimum of $250
  • Opt in using the form to claim your 50% deposit bonus
$250 Min Deposit
9
Share with other traders!

Azeez Mustapha

Azeez Mustapha is a trading professional, currency analyst, signals strategist, and funds manager with over ten years of experience within the financial field. As a blogger and finance author, he helps investors understand complex financial concepts, improve their investing skills, and learn how to manage their money.