Silver (XAGUSD) Price Bounces Away From $22 Level, Breaking $24 Level

Buyers’ pressure increases on the silver market

SILVER Price Analysis – 24 August

Silver’s price may rise and test the $25 and $26 resistance levels if buyers are able to hold the $23 price level and the $24 resistance level is breached. If sellers apply more pressure, a breakdown of the $23 level would cause a lower price break that would have the $22 and $21 price support levels as targets.

XAGUSD Market

Key Levels:

Resistance levels: $24, $25, $26

Support levels: $23, $22, $21

XAGUSD Long-term trend: Bullish

Silver’s long-term outlook is positive. A bearish trend started on 27 July with the formation of a double top chart pattern at the $25 resistance level. The price of silver broke through the $25 support level. This scenario made Silver less expensive to $22 level on 15 August. Buyers opposed the bearish movement at the level mentioned. It is currently increasing as buyers gain momentum. The price is ready to break up $24 level.

The white metal is currently trading in a positive trend above the 9-period and 21-period exponential moving averages as the fast EMA is crossing the slow EMA upward. The period 14 signal lines of the relative strength index are bending upward at 59. Silver’s price may rise and test the $25 and $26 resistance levels if buyers are able to hold the $23 price level and the $24 resistance level is breached. If sellers apply more pressure, a breakdown of the $23 level would cause a lower price break that would have the $22 and $21 price support levels as targets.

XAGUSD Medium-term Trend: Bullish

XAGUSD’s 4-hour chart shows a bullish phase. A bearish reversal pattern known as the double-top chart pattern is active. Before starting a swift decline, the price of white metal twice came dangerously near to crossing the $25 mark. Last week, the price tested the $22 level and consolidated for a few hours before the bulls gained pressure. It is testing the $24 level at the moment.

The price of silver is currently trading above important dynamic resistance levels, indicating a buoyant market. The downward-pointing relative strength index period 14 signal line is at a level of 75 and indicates a sell which may be a pullback.

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