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.
You can purchase Lucky Block here. Buy LBLOCK
- Broker
- Min Deposit
- Score
- Visit Broker
- Award-winning Cryptocurrency trading platform
- $100 minimum deposit,
- FCA & Cysec regulated
- 20% welcome bonus of upto $10,000
- Minimum deposit $100
- Verify your account before the bonus is credited
- Over 100 different financial products
- Invest from as little as $10
- Same-day withdrawal is possible
- Fund Moneta Markets account with a minimum of $250
- Opt in using the form to claim your 50% deposit bonus
Learn to Trade
Never Miss A Trade Again
Signal Notification
Real-time signal notifications whenever a signal is opened, closes or Updated
Get Alerts
Immediate alerts to your email and mobile phone.
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.