Silver (XAGUSD) Price: Bullish Reversal Movement Envisaged at $22 Level

Azeez Mustapha

Updated:

UNLOCK DAILY FOREX SIGNALS

Select a Plan

£40

 1-month subscription

Select

£30

 3-month subscription

Select

£21.5

 6-month subscription

Select

£399

 lifetime subscription

Select

£50

 Separate Swing Trading Group

Select

Or

Get VIP forex signals, VIP crypto signals, swing signals, and forex course free for lifetime.

Just open an account with one our affiliate broker and make a minimum deposit: 250 USD.

Email [email protected] with a screenshot of funds on account to get access!

Sponsored by

Sponsored Sponsored

Checkmark

Service for copy trading. Our Algo automatically opens and closes trades.

Checkmark

The L2T Algo provides highly profitable signals with minimal risk.

Checkmark

24/7 cryptocurrency trading. While you sleep, we trade.

Checkmark

10 minute setup with substantial advantages. The manual is provided with the purchase.

Checkmark

79% Success rate. Our outcomes will excite you.

Checkmark

Up to 70 trades per month. There are more than 5 pairs available.

Checkmark

Monthly subscriptions begin at £58.


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.

You can purchase Lucky Block here. Buy LBLOCK

 

  • Broker
  • Benefits
  • Min Deposit
  • Score
  • Visit Broker
  • 20% welcome bonus of upto $10,000
  • Minimum deposit $100
  • Verify your account before the bonus is credited
$100 Min Deposit
9
  • Award-winning Cryptocurrency trading platform
  • 14 Cryptoassets available to invest in
  • FCA & Cysec regulated
$200 Min Deposit
9.8

Highly volatile unregulated investment products. No EU investor protection.

  • Over 100 different financial products
  • Invest from as little as $10
  • Same-day withdrawal is possible
$250 Min Deposit
9.8
  • The Lowest Trading Costs
  • 50% Welcome Bonus
  • Award-winning 24 Hour Support
$200 Min Deposit
9
  • Award-winning Cryptocurrency trading platform
  • $100 minimum deposit,
  • FCA & Cysec regulated
$100 Min Deposit
9.8
  • Fund Moneta Markets account with a minimum of $250
  • Opt in using the form to claim your 50% deposit bonus
$250 Min Deposit
9
Share with other traders!

Azeez Mustapha

Azeez Mustapha is a trading professional, currency analyst, signals strategist, and funds manager with over ten years of experience within the financial field. As a blogger and finance author, he helps investors understand complex financial concepts, improve their investing skills, and learn how to manage their money.

Leave a Reply

Your email address will not be published. Required fields are marked *