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

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

Estimated Reading Time: 2 minutes
Article Rating:
Based on 1 vote
Login to rate this article.

Azeez Mustapha

Updated:


 

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.

You can purchase Lucky Block here. Buy LBLOCK

  • Broker
  • Benefits
  • Min Deposit
  • Score
  • Visit Broker
  • Award-winning Cryptocurrency trading platform
  • $100 minimum deposit,
  • FCA & Cysec regulated
$100 Min Deposit
9.8
  • 20% welcome bonus of upto $10,000
  • Minimum deposit $100
  • Verify your account before the bonus is credited
$100 Min Deposit
9
  • Over 100 different financial products
  • Invest from as little as $10
  • Same-day withdrawal is possible
$250 Min Deposit
9.8
  • The Lowest Trading Costs
  • 50% Welcome Bonus
  • Award-winning 24 Hour Support
$50 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

Learn to Trade

Never Miss A Trade Again

step 1
Signal Notification

Real-time signal notifications whenever a signal is opened, closes or Updated

step 2
Get Alerts

Immediate alerts to your email and mobile phone.

step 3
Entry Price Levels

Entry price level for every signal Just choose one of our Top Brokers in the list above to get all this free.

Share with other traders!

telegram
Telegram
forex
Forex
crypto
Crypto
algo
Algo
news
News