Silver (XAGUSD) Price: Bullish Trend Continues, Aiming at $25 Level

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SILVER Price Analysis – 13 July

In case buyers are able to hold the $22 price level and the $23 resistance level is broken, Silver might increase and test the $24 and $25 resistance levels. The $22 level might be breached lower if sellers exert more pressure, which would put the $21 and $20 price support levels to the test.

XAGUSD Market

Key Levels:

Resistance levels: $24, $25, $26

Support levels: $23, $22, $21

XAGUSD Long-term trend: Bullish

The silver long-term outlook is favorable. The price of silver found support at $22 after a protracted bearish trend and the construction of a double-top chart pattern. At the $22 level of support, a “double bottom” bullish reversal chart pattern was created. The price of silver is increasing. The metal’s current goal is the $24 resistance level.

While the fast EMA is crossing 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 pointing up at 61. In case buyers are able to hold the $22 price level and the $23 resistance level is broken, silver’s price might increase and test the $24 and $25 resistance levels. The $22 level might be breached lower if sellers exert more pressure, which would put the $21 and $20 price support levels to the test.

XAGUSD Medium-term Trend: Bullish

Silver’s 4-hour chart shows a bullish phase. This bullish reversal chart pattern, the double bottom, is plausible. The cost of white metal dropped to a low of $22 twice before starting to rise quickly. As buyers gained momentum, the previous resistance levels of $23 changed into support levels. The pricing is getting much more exorbitant as it gets closer to $24.

A bullish market is present since the price of silver is now trading above significant dynamic resistance levels. The relative strength index period 14 signal line is pointing up at a level of 77, signaling a buy.

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