Silver (XAGUSD) Price: Bullish Reversal at $22 Level, Targeting $25 Level

Silver Price Targeting previous high

SILVER Price Analysis – 31 August

In case buyers are able to hold the $24 price level and the $25 resistance level is broken, silver’s price may increase and test the $26 and $27 resistance levels. The $23 and $22 price support levels would be the targets of a price break lower if sellers increased their pressure, which would result in a breakdown of the $24 level.

XAGUSD Market

Key Levels:

Resistance levels: $25, $26, $27

Support levels: $24, $23, $22

XAGUSD Long-term trend: Bullish

Silver’s long-term outlook is positive. The creation of a double top chart pattern at the $25 resistance level on July 27 marked the beginning of a bearish trend. The $25 support level was breached by the silver price. Due to this scenario, Silver’s price dropped to $22 on August 15. At the stated level, buyers resisted the bearish movement. Currently, it is rising as the purchasers gather steam. The $24 barrier is broken upside already by the price.

Silver Price Analysis April 06

The fast EMA has crossed the slow EMA upward, white metal is currently trading in a bullish trend above the 9-period and 21-period exponential moving averages. The relative strength index’s period 14 signal lines are bending upward at 63. If buyers are able to hold the $24 price level and the $25 resistance level is broken, silver’s price may increase and test the $26 and $27 resistance levels. The $23 and $22 price support levels would be the targets of a price break lower if sellers increased their pressure, which would result in a breakdown of the $24 level.

XAGUSD Medium-term Trend: Bullish

XAGUSD 4-hour chart shows a bullish phase. Silver found support at $22 level when the double top chart pattern, a bearish reversal pattern was formed. Silver of white metal twice came perilously close to breaking the $25 threshold before beginning a quick fall. The price hit the $22 mark last two weeks and did some consolidation before the bulls applied pressure. Currently, it is rising toward $25 resistance level.

Currently, the price of silver is trading above significant dynamic resistance levels, signaling a bullish market. The period 14 signal line for the relative strength index is pointing upward and is at a level of 62. It is signaling a buy.

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