Buyers’ pressure may increase on the silver market.
SILVER Price Analysis – 17 August
Silver may rise and test the $24 and $25 resistance levels if buyers are able to hold the $22 price level and the $23 resistance level is breached. If sellers apply more pressure, a breakdown of the $22 level would cause a price break lower that would have the $21 and $20 price support levels as its targets
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 negative. Following a protracted bullish trend and the formation of a double top chart pattern at the $25 resistance level, the price of silver broke through the $25 support level. A “double top” or bearish reversal chart pattern resistance level was set at $25. Silver is becoming less expensive. It is currently testing the low $22 support level.
The white metal is currently trading in a negative trend below the 9-period and 21-period exponential moving averages as the fast EMA is crossing the slow EMA lower. The period 14 signal lines of the relative strength index are bending upward at 51. Silver’s price may rise and test the $24 and $25 resistance levels if buyers are able to hold the $22 price level and the $23 resistance level is breached. If sellers apply more pressure, a breakdown of the $22 level would cause a price break lower that would have the $21 and $20 price support levels as its targets.
XAGUSD Medium-term Trend: Bearish
XAGUSD 4-hour chart shows a bearish phase. The double-top chart pattern, a bearish reversal pattern, is in play. The price of white metal twice came close to crossing the $25 threshold before beginning a rapid drop. The previous $24 barrier levels served as support levels as sellers gained traction. Compared to last week, we are already approaching the $22 mark. The price is currently testing the prior low of $22.
The price of silver is currently trading below important dynamic resistance levels, indicating a negative market. The upward-pointing relative strength index period 14 signal line is at a level of 51 and is indicating a buy.
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