Silver (XAGUSD) Price: An Increase in Sellers’ Pressure Will Decrease Price Further

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Sellers may continue to dominate Silver market

SILVER Price Analysis – 09 March

When sellers exert more pressure, the price might fall to $18.83 and $18.13, which would be below the $19.41 support level. If bulls hold the $19.41 price level and the $20.45 resistance level is broken, silver’s price may increase and test the $21.25 and $21.74 resistance levels

XAGUSD Market

Key Levels:

Resistance levels: $20.45, $21.25, $21.74

Support levels: $19.41, $18.83, $18.13

XAGUSD Long-term trend: Bearish

XAGUSD (Silver) is bearish on the long-term outlook. When the highest price of silver was $24.33.The level couldn’t go any higher since the bears held it. For more than a week, there was only a slight change in the area between $24.33 and $23.43. When sellers strengthened their pressure on the market on February 2, large daily bearish candles were generated. The $20.45 support level was tested on 28 February and pulled back to retest the $21.25 level. At the moment, the price is heading toward the $19.41 level.

The white metal is trading below the 9-period and 21-period EMAs, and the fast has crossed the slow EMA downside as evidence of bearish movement. The signal lines on the Relative Strength Index period 14 is pointing downward at the 27 levels indicating a sell signal. When sellers exert more pressure, the price might fall to $18.83 and $18.13, which would be below the $19.41 support level. If bulls hold the $19.41 price level and the $20.45 resistance level is broken, silver’s price may increase and test the $21.25 and $21.74 resistance levels

XAGUSD Medium-term Trend: Bearish

XAGUSD is in a bearish phase on the 4-hour chart. Three weeks ago, the price of white metal fluctuated between $22.91 and $22.18. As the sellers’ fury grew, the price fell and broke through the $22.18 and $21.74 support levels. The white metal is still getting lighter and could get even lighter as it is approaching the $19.41 support level.

Silver is currently trading below the dynamic support levels. The 9-period is below the 21-period EMA which indicates a bearish trend. The relative strength index’s signal line for period 14 is at a level of 26 pointing up, which may be a pullback.

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