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

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.

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