Silver (XAGUSD) Price: A Bearish Reversal at $22.1 Resistance Level

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Sellers may dominate the Silver market soon

SILVER Weekly Price Analysis – 17 November

Should sellers maintain their momentum or exert more pressure, the support level of $20.4 may be broken downside, Silver may decrease and test the support levels of $19.4, and $18.8. The inability to break down the support level of $20.4 may lead to a continuation of the bullish trend toward $21.2, $21.7, and $22.1 resistance levels.

XAGUSD Market

Key Levels:

Resistance levels: $21.2, $21.7, $22.1

Support levels: $20.4, $19.4, $18.8

XAGUSD Long-term trend: Bearish

XAGUSD is bearish on the long-term outlook. The metal has been under the control of buyers for many weeks. The bullish momentum started when the “W” chart pattern formed at the support level of $18.1. The price soared to the resistance level at $22 on 15 November. A bearish candle pattern called bearish engulfing emerged at the resistance level of $22.1. The price is currently declining toward the support level of $20.4.

Silver is trading below the 9-periods EMA and 21-periods EMA which indicates that, sellers are ready to dominate the Silver market. Should sellers maintain their momentum or exert more pressure, the support level of $20.4 may be broken downside, the price may decrease and test the support levels of $19.4, and $18.8. The inability to break down the support level of $20.4 may lead to the continuation of the bullish trend toward $21.2, $21.7, and $22.1 resistance levels.

XAGUSD Medium-term Trend: Bearish

XAGUSD is on the bearish movement on the 4-hour chart. The price action in a 4-hour time frame formed a bearish pattern called “Head and Shoulder” at the resistance level of $22.1; it is an indication that sellers are ready to dominate the Silver market. Price is gradually moving down toward the south with the formation of bearish candles.

Silver price is trading below the 9-periods EMA and 21-periods EMA at distance. The Relative Strength Index period 14 is at 38 levels with the signal line displaying a bearish 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.