Silver (XAGUSD) Price: Bearish Trend Continues, Targeting $21 Support Level

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Sellers’ momentum is increasing in Silver market

Silver Price Analysis – 25 May

Once the $21 level is broken downward, the price support levels of $20 and $19 might be tested as demand diminishes. Silver may rise and test the $23 and $24 resistance levels if buyers are able to hold the $21 price level and the $22 resistance level is breached.

XAGUSD Market

Key Levels:

Resistance levels: $22, $23, $24

Support levels: $21, $20, $19

XAGUSD Long-term trend: Bearish

Silver’s long-term outlook is bearish. At $25, the double top chart pattern forms, which is largely to blame for the start of a bearish trend. When the price of white metal increased from $19 to $23, it surpassed that level. Large daily bullish candles were formed on March 14, as buyers’ pressure on increased market increased. The price passed over the $24 resistance level on April 4 and again challenged the $25 resistance level, forming the Double Top chart pattern. Sellers are presently controlling the Silver market, and further price reductions are predicted.

The fast EMA has crossed the slow EMA downward, and white metal is trading below both the 9-period and 21-period exponential moving averages, indicating a bearish trend. A selling setup can be seen in the relative strength index period 14 signal lines that are moving downward at 29. Once the $21 level is broken downward, the price support levels of $20 and $19 might be tested as demand diminishes. Silver’s price may rise and test the $23 and $24 resistance levels if buyers are able to hold the $21 price level and the $22 resistance level is breached.

XAGUSD Medium-term Trend: Bearish

On the 4-hour chart, XAGUSD is in a negative phase. The double-top bearish reversal chart pattern is produced at the $26 resistance level. After hitting a high of $26 twice, the price of white metal quickly began to fall. The prior support levels of $24 and $23 turn into levels of resistance when sellers gain more traction. It is currently breaching the $22 barrier targeting $21 level.

The price of silver is trading below dynamic support levels, indicating a bearish market. The period 14 signal line for the relative strength index is trending downward at a level of 27, indicating a strong sell.

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