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Buyers defends $23 level
SILVER Price Analysis – 14 December
Silver’s price may rise and test the $25 and $26 resistance levels if buyers can hold the $23 price level and the $24 resistance level is breached. With increased selling pressure, the $22 and $21 zone would be the target of a lower price breach of the $23 barrier.
XAGUSD Market
Key Levels:
Resistance levels: $24, $25, $26
Support levels: $23, $22, $21
XAGUSD Long-term trend: Bullish
The long-term forecast for silver is positive. When sellers gained momentum the price dropped to the support level of $22. Buyers defended the just mentioned level, more pressure was applied by the bulls, and the white metal rose to its prior high at $23 barrier level. Bulls created a powerful bullish candle today to defend the previously recommended level. The price breaches resistance levels at $23. With a target price of $24, Silver has been progressively gaining value. Spending more than $24 is challenging for customers.
At the moment, the silver price is above the nine and twenty-one-period exponential moving averages (EMAs). At point 54, the period 14 signal lines of the relative strength index are bending upward. Silver’s price may rise and test the $25 and $26 resistance levels if buyers can hold the $23 price level and the $24 resistance level is breached. With increased selling pressure, the $22 and $21 zone would be the target of a lower price breach of the $23 barrier.
XAGUSD Medium-term Trend: Bullish
A bullish phase is beginning to emerge on the 4-hour XAGUSD chart. The start of a bullish reversal is indicated by a pin bar candle pattern that emerged near the $22 support level. The $23 level that was once resistance for silver has now become support as it began its incline. Due to the unanticipated incline in demand, white metal’s price rise by $24. At the moment, Silver is facing a $24 price point.
As evidenced by the current silver price, which is trading above significant dynamic resistance levels, the market looks to be performing higher. The down-pointing period 14 signal line of the relative strength index is currently at 68. That suggests a buy.
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