Silver (XAGUSD) Price Breaks $23.0 Level, Targeting $23.4 Resistance Level

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Buyers’ momentum is increasing in Silver’s market

SILVER Price Analysis – 23 March

When buyers exert more pressure, the price might rise above $23.4, $24.3, and $24.6 resistance levels may be tested. If bears hold the $23.4 price level and the $23.0 support level is broken, silver’s price may decrease and test the $22.2 and $22.1 support levels

XAGUSD Market

Key Levels:

Resistance levels: $23.4, $24.3, $24.6

Support levels: $23.0, $22.2, $22.1

XAGUSD Long-term trend: Bullish

XAGUSD (Silver) is bullish on the long-term outlook. On March 9th, the white metal’s price fell to $19.87. The bulls held it, preventing the level from falling any lower. The aforementioned level saw the formation of a bullish engulfing candle. Large daily bullish candles were produced on March 14 when buyers increased their market pressure. On March 13, the $22.2 resistance level was broken upside. The price right now is heading toward the $23.4 mark.

 

The white metal retains its trading above the 9-period and 21-period EMAs, and the fast has crossed the slow EMA upside as evidence of bullish movement. The signal lines on the Relative Strength Index period 14 point upward at the 65 levels indicating a buy signal. When buyers exert more pressure, the price might rise above $23.4, $24.3, and $24.6 resistance levels may be tested. If bears hold the $23.4 price level and the $23.0 support level is broken, silver’s price may decrease and test the $22.2 and $22.1 support levels

XAGUSD Medium-term Trend: Bullish

XAGUSD is in a bullish phase on the 4-hour chart. White metal’s price began to fall a few weeks ago after reaching $24.3. The price dropped and breached the $23.4 support level as the sellers’ rage increased. The white metal fell and struck a support test at $19.8. The purchasers increased their pressure to $23.0. Right now, the price is increasing.

Silver is currently trading above the dynamic support levels. The 9-period has crossed the 21-period EMA upside which indicates a bullish trend. The relative strength index’s signal line for period 14 is at a level of 64 pointing up, which connotes buy.

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