Silver (XAGUSD) Price May Break Up $22 Resistance Level
Login

Silver (XAGUSD) Price May Break Up $22 Resistance Level

Estimated Reading Time: 2 minutes

Azeez Mustapha

Updated:

SILVER Weekly Price Analysis – June 02

An increase in the Silver price is possible. In case the Bulls’ momentum increase, price may break up the $22 resistance level and the price may increase to $23 and $24 resistance levels. In case the Bears gain more pressure the price may return to the previous low of $21 level, further price decrease may reach $20 and $19.

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. The formation of inside bar candle at the support level of $20 triggers the bulls’ momentum, price increase and the resistance level of $21 is broken upside. The resistance level of $22 is tested, the price pulled back. At the moment, White metal is increasing as the bulls’ momentum increases. There is tendency for the price to increase further.

The Silver price is breaking up the 21 periods EMA and the 9 periods EMA; which connotes that bullish momentum is increasing. The relative strength index period 14 is at 45 levels with the signal lines pointing upside to connote buy trade. An increase in the Silver price is possible. In case the Bulls’ momentum increase, price may break up the $22 resistance level and the price may increase to $23 and $24 resistance levels.

XAGUSD Medium-term Trend: Bullish

XAGUSD is bullish on the daily chart. The Silver price found the support level at $20 on 13 May. A bullish engulfing candle formed at the same level, price increases towards the resistance level of $22. The price is ranging within the $21 and $22 levels. Price retest the support level of $21. Bulls are trying to push up the price at the moment.

The Silver price is slightly above the 9 periods EMA and 21 periods EMA. The relative strength index period 14 is at 55 levels with the signal lines pointing up to indicate buy signal. In case the Bears gain more pressure the price may return to the previous low of $21 level, further price decrease may reach $20 and $19.

  • 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