Silver (XAGUSD) Price: Bearish Trend Commences at $26 Resistance Level

Sellers defends $26 level

Silver Price Analysis – 07 December

If buyers can hold the $23 price level and the $24 resistance level is broken, Silver price may rise and test the $25 and $26 resistance levels. A lower price breach of the $23 barrier would aim for the $22 and $21 zone with more selling pressure.

XAGUSD Market

Key Levels:

Resistance levels: $24, $25, $26

Support levels: $23, $22, $21

XAGUSD Long-term trend: Bearish

Silver’s long-term outlook is bearish. The white metal surges to its previous high on November 29 at the $26 barrier level as buyers put further pressure on it. Bears defended the previously advised level by forming a strong bearish engulfing candle. At $25, and $24, the price breaks through support levels.  The price of silver has been steadily decreasing, with a $23 aim. Customers find it difficult to spend more than $25.

The price of silver is currently below the exponential moving averages (EMAs) with periods of nine and twenty-one. The relative strength index’s period 14 signal lines are bending downward at point 49. If buyers are able to hold the $23 price level and the $24 resistance level is broken, silver’s price may rise and test the $25 and $26 resistance levels. A lower price breach of the $23 barrier would aim for the $22 and $21 zone with more selling pressure.

XAGUSD Medium-term Trend: Bearish

The 4-hour XAGUSD chart is showing signs of a bearish phase. A pin bar candle pattern formed at the resistance level of $26 indicates the beginning of a bearish reversal. Silver started the declination process and the former support level of $25 has turned to a resistance level. The price of white metal broke down by $24 because of the unexpected decrease in demand. Right now, the cost of Silver is facing $24 level.

The market appears to be performing less based on the present price of silver, which is trading below important dynamic resistance levels. The relative strength index’s down-pointing period 14 signal line is currently at 27. That indicating sell.

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