Silver (XAGUSD) Price: Bearish Reversal Envisaged at $25 Resistance Level

Sellers may defend $25 level

SILVER Price Analysis – 30 November

Silver price may rise and test the $26 and $27 resistance levels if buyers are able to hold the $24 price level and the $25 resistance level is breached. With increased selling pressure, a lower price breach of the $24 barrier would target the $23 and $22 range.

XAGUSD Market

Key Levels:

Resistance levels: $25, $26, $27

Support levels: $24, $23, $22

XAGUSD Long-term trend: Bullish

The long-term forecast for silver is favorable. As buyers increased their pressure, the white metal soared to its previous high on November 29 at the $25 resistance level. Bulls created a powerful bullish Pin bar candle to defend the previously recommended level. The price rises through resistance levels at $22, $23, and $24.  Silver’s price has been rising gradually, with a target of $25. It’s challenging for purchasers to spend more than $25.

The exponential moving averages (EMAs) with periods of nine and twenty-one are currently being exceeded by the silver price. At point 71, the period 14 signal lines of the relative strength index are bending upward. Silver’s price may rise and test the $26 and $27 resistance levels if buyers are able to hold the $24 price level and the $25 resistance level is breached. With increased selling pressure, a lower price breach of the $24 barrier would target the $23 and $22 range.

XAGUSD Medium-term Trend: Bullish

There is a bullish phase visible on the 4-hour XAGUSD chart. The chart displayed a bullish “double bottom” reversal pattern, suggesting that silver might be approaching $25. The sudden surge in demand caused white metal prices to break $24. We have both challenged and retreated from the resistance level at $24. The pricing is currently more than $24.

The market appears to be performing well based on the present price of silver, which is trading above important dynamic resistance levels. The relative strength index’s up-pointing period 14 signal line is currently at 64. That indicates purchase.

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