Price of Silver (XAGUSD) Could Change Direction If $23 Resistance Level Is Maintained

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Silver price tested $23 resistance level and pulls back

SILVER Price Analysis – 22 December

More selling pressure will lower the price below the $21 support level and might cause it to go as low as $20 and $19.
When bulls support the $21 price level, silver’s price may rise and break through the $22 resistance level, which might push silver to the $23 and $24 barrier levels.

XAGUSD Market

Key Levels:

Resistance levels: $22, $23, $24

Support levels: $21, $20, $19

 

XAGUSD Long-term trend: Bullish

XAGUSD (Silver) is bullish on the long-term outlook. Two weeks ago, The price of Silver closed below the $22 level when the price pulled back to retest the dynamic support levels. The buyers acquire more pressure and the resistance level of $22 was penetrated to test the resistance level of $23 on 20 December. The sellers are defending the just-mentioned level at the moment.

Today, sellers dominate the market, and the price decreases. However, The price of Silver remains above the 9-periods EMA and the 21-period EMA. The Relative Strength Index period 14 is at 57 levels with the signal lines pointing downside which connotes sell signaling. More selling pressure will lower the price below the $21 support level and might cause it to go as low as $20 and $19.
When bulls support the $21 price level, silver’s price may rise and break through the $22 resistance level, which might push silver to the $23 and $24 barrier levels.

XAGUSD Medium-term Trend: Bearish

XAGUSD is bearish on the daily chart. The metal increased last week under the control of buyers’ pressure. The resistance level of $23 was tested on 14 December. It pulled back and tested the $22 price level. Last week, the buyers gain more momentum, and the price increase to retest the previous high of $23 level.  At the moment, it is struggling to break down the $22 level.

The Silver price is trading below the 9-periods EMA and 21-periods EMA. The relative strength index period 14 is at 44 levels with the signal lines pointing down to indicate a sell signal.

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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.