Silver (XAGUSD) Price: A Bearish Breakout May Reduce Price to $22.15

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Sellers may dominate Silver market soon

SILVER Price Analysis – 12 January

When bulls defend the $23.43 price level, silver’s price may rise and break through the $23.95 resistance level, which might push silver to the $24.33 and $24.66 resistance levels.

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 ranging on the long-term outlook. The purchasers lose momentum when Silver price reached a high of $24.33 level last two weeks. The just-mentioned level was unable to be penetrated. The sellers tried to push the price down below $23.43 but the buyers were opposing the movement. The white metal started a ranging movement within the $23.95 and $23.43 levels.

The two EMAs are close to each other, and Silver price retains its trading around the 9-periods EMA and the 21-period EMA. The Relative Strength Index period 14 is at 57 levels with the signal lines pointing upside which connotes buy signaling. When bulls defend the $23.43 price level, silver’s price may rise and break through the $23.95 resistance level, which might push silver to the $24.33 and $24.66 resistance levels. An increase in sellers’ pressure may lower the price below the $23.43 support level and this may cause it to go as low as $22.93 and $22.15.

XAGUSD Medium-term Trend: ranging

XAGUSD is on the ranging movement on the 4-hour chart. When the buyers’ momentum was very strong few weeks ago, the metal rose to the resistance level of $23.95. It pulled back to the support level of $23.43. The bulls defended the just-mentioned level and the resistance level of $23.95 was retested. Since then, the price has been fluctuating between $23.95 and $23.43 levels.

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 the 54 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.