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Buyers’ momentum is increasing in Silver market
SILVER Price Analysis – 01 June
As demand inclines, the price resistance levels of $25 and $26 may be put to the test once the $24 level is broken upward. If sellers are able to hold the $23 price level and the $22 support level is broken, silver’s price may decrease and test the $21 and $20 support levels.
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 formation of the double-top chart pattern at $25 is largely responsible for the beginning of a negative trend. White metal’s cost exceeded that mark as it rose from $19 to $23. The Silver market was controlled by sellers since 05 May, and more bearish candles were produced. Price declines to the low support level of $23 and the buyers are opposing the decrease. Price pullback is inevitable in a trending market.
The fast EMA has crossed the slow EMA upward, and white metal is trading between both the 9-period and 21-period exponential moving averages, indicating a bullish trend. The relative strength index period 14 signal lines that are pointing upward at 44 indicate a buying setup. As demand inclines, the price resistance levels of $25 and $26 may be put to the test once the $24 level is broken upward. If sellers are able to hold the $23 price level and the $22 support level is broken, silver’s price may decrease and test the $21 and $20 support levels.
XAGUSD Medium-term Trend: Bullish
On the 4-hour chart, XAGUSD is in a positive phase. At the $26 resistance level, the double-top bearish reversal chart pattern is generated. White metal’s price rapidly started to decline after twice reaching a high of $26. When sellers acquired additional momentum, the previous support levels of $24 and $23 become levels of resistance. It is currently pulling back at the $23 support level.
The price of silver is trading above dynamic support levels, indicating a bullish market. The period 14 signal line for the relative strength index is trending upward at a level of 65, indicating a buy.
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