Silver (XAGUSD) Price: A Bearish Breakout at $23.43 Envisaged

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Sellers may dominate Silver market soon

SILVER Price Analysis – 19 January

Silver’s price may increase when bulls support the $23.43 price level, breaking through the $23.95 resistance level, which could take silver to the $24.33 and $24.66 resistance levels. When sellers exert more pressure, the price may drop below the $23.43 support level and as low as $22.93 and $22.15.

XAGUSD Market

Key Levels:

Resistance levels: $23.95, $24.33, $24.66

Support levels: $23.43, $22.93, $22.15

XAGUSD Long-term trend: Ranging

XAGUSD (Silver) is on the ranging movement on the long-term outlook. XAGUSD (Silver) is fluctuating over the long term. When the price of silver reached a high of $24.33 over the past three weeks, the buyers lost pace. It was unable to get past the previously specified level. Likewise, the purchasers were resisting the sellers’ attempts to lower the price below $23.43, therefore they were unsuccessful. The white metal began to fluctuate between $23.95 and $23.43 levels.

The silver price continues to trade in the vicinity of the 9-period and 21-period EMAs while the two EMAs are locked to one another. The signal lines on the Relative Strength Index period 14 are heading downward, signifying a sell signal, and are at level 49. Silver’s price may increase when bulls support the $23.43 price level, breaking through the $23.95 resistance level, which could take silver to the $24.33 and $24.66 resistance levels. When sellers exert more pressure, the price may drop below the $23.43 support level and as low as $22.93 and $22.15.

 XAGUSD Medium-term Trend: Ranging

XAGUSD is on the ranging movement on the 4-hour chart. A few weeks ago, Silver climbed to the $23.95 barrier level during a period of strong buyer momentum. To the $23.43 level of support, it withdrew. The resistance level of $23.95 was retested as a result of the bulls defending the previous level. Price has been varying ever since then, ranging between $23.95 and $23.43.

The price of silver is currently hovering over both 9-period and 21-period EMAs. The signal lines on the relative strength index period 14 are at 38 levels pointing down to indicate a sell.

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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.