Silver (XAGUSD) Price Breaks Up $21 Level Heading Towards $23 Resistance Level

Bulls’ pressure is increasing in the Silver market

SILVER Weekly Price Analysis – 01 December

An increase in the bulls’ momentum may lead to the breaking up of the $22 resistance level which may increase to $23 and $24 resistance levels. In case the bears defend the resistance level of $22 bearish movement may be triggered and the support level of $21 may be broken downside, the price may reduce to $20 and $19.

XAGUSD Market

Key Levels:

Resistance levels: $22, $23, $24

Support levels: $21, $20, $19

XAGUSD Long-term trend: Bullish

XAGUSD is bullish on the long-term outlook. The metal was on a bearish movement last week when it pulled back to retest the support level of $20. The bulls interrupt the bearish movement at the just-mentioned support level. On 30 November, a strong daily bullish candle formed and broke up the resistance level of $21 and $22. The price is currently exposed to the $23 resistance level.

A daily bullish engulfing candle emerged. The resistance level of $21 was broken upside and the $23 level may be tested. An increase in the bulls’ momentum may lead to the breaking up of the $22 resistance level which may increase to $23 and $24 resistance levels. In case the bears defend the resistance level of $22 bearish movement may be triggered and the support level of $21 may be broken downside, the price may reduce to $20 and $19.

XAGUSD Medium-term Trend: Bullish

XAGUSD is on a bullish movement on the 4-hour chart. The price action formed a bullish chart pattern called a Double bottom chart pattern which indicates that bulls will dominate the market. The Price increases towards the resistance level to $21. The price pulled back to retest the support level of $20. The price bounces up toward the resistance level of $23.

Silver price is trading above the 9-periods EMA and 21-periods EMA. The Relative Strength Index period 14 is at 71 levels with the signal line displaying a bullish direction.

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