Silver (XAGUSD) Price: A Potential Bearish Reversal Level Is Tested

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Silver price tested $23.95 resistance level and pulls back

SILVER Price Analysis – 05 January

More selling pressure will lower the price below the $22.93 support level and might cause it to go as low as $22.15 and $22.09. When bulls support the $22.93 price level, silver’s price may rise and break through the $23.43 resistance level, which might push silver to the $23.95 and $24.33 barrier levels.

XAGUSD Market

Key Levels:

Resistance levels: $23.43, $23.95, $24.33

Support levels: $22.93, $22.15, $22.09

XAGUSD Long-term trend: Bearish

XAGUSD (Silver) is bearish on the long-term outlook. Three days ago, Silver’s price reached a high of $23.95 level after it breached the former resistance level of $23.43. When the price pulled back to retest the dynamic support levels, the sellers acquire more pressure and the support level of $23.43 turned to the resistance level. The price is currently facing a support level of $22.93.

Today, sellers dominate the market, and the price decreases. Silver price remains below the 9-period EMA and the 21-period EMA. The Relative Strength Index period 14 is at 52 levels with the signal lines pointing downside which connotes sell signaling. More selling pressure will lower the price below the $ 22.93 support level and might cause it to go as low as $22.15 and $22.09. When bulls support the $22.93 price level, silver’s price may rise and break through the $23.43 resistance level, which might push silver to the $23.95 and $24.33 barrier levels.

XAGUSD Medium-term Trend: Bearish

XAGUSD is bearish on the daily chart. Under the influence of purchasers’ pressure, the metal rose last week. On December 14th, the $23.95 resistance level was put to the test. It retreated and tried the $23.43 pricing point. Last week, buyers gained further traction, driving prices up to retest the previous high of $23.95. It is currently falling below the $22.93 mark.

The price of silver is currently trading below both the 9-period and 21-period EMAs. The signal lines on the relative strength index period 14 are pointing downward to indicate a sell signal at 36 levels.

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