Silver (XAGUSD) Price Bounces Off $15 Support Level, Bearish Trend May Continue

Sellers’ momentum is increasing in Silver market

SILVER Price Analysis – 18 May

As demand declines, Silver support levels of $21 and $20 can be tested once the $22 level is broken downward. If buyers are able to hold the $22 price level and the $23 resistance level is broken, silver’s price might increase and test the $24 and $25 resistance levels.

XAGUSD Market

Key Levels:

Resistance levels: $23, $24, $25

Support levels: $22, $21, $20

XAGUSD Long-term trend: Bearish

Silver’s long-term outlook is bearish. The double top chart pattern is formed at the $25 level and this is responsible majorly for the commencement of a bearish trend. White metal’s price rose from $19 to $23, then went over that threshold. Price rose over the target level. On March 14, when buyers intensified market pressure, large daily bullish candles were produced. On April 4, the price crossed above the $24 resistance level, and the $25 resistance level was twice tested, resulting in the Double Top chart pattern. The Silver market is currently dominated by sellers, and further price declines are anticipated.

The white metal is trading below the 9-period and 21-period exponential moving averages, indicating a bearish trend, and the fast EMA is crossing the slow EMA downward. The relative strength index period 14 signal lines heading down at 33 represent a selling setup. As demand declines, the price support levels of $21 and $20 can be tested once the $22 level is broken downward. If buyers are able to hold the $22 price level and the $23 resistance level is broken, silver’s price might increase and test the $24 and $25 resistance levels.

XAGUSD Medium-term Trend: Bearish

On the 4-hour chart, XAGUSD is in a negative phase. At the $15 resistance level, the double-top bearish reversal chart pattern is established. White metal’s price rapidly started to decline after reaching a high of $25 twice. When sellers acquire additional momentum, the previous support levels of $24 and $23 become levels of resistance. Right now, it’s trying to break down the $22 mark.

A bearish market is present as the price of silver trades below dynamic support levels. The relative strength index’s period 14 signal line is pointing downward at a level of 27, signaling a heavy sell

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