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Purchasers’ momentum is getting weak on the silver market
SILVER Price Analysis – 20 July
Silver’s price may rise and test the $26 and $27 resistance levels if buyers are able to hold the $24 price level and the $25 resistance level is breached. If sellers apply more pressure, the $23 and $22 price support levels can be tested, which would lead to a breach of the $24 level downward.
XAGUSD Market
Key Levels:
Resistance levels: $25, $26, 427
Support levels: $24, $23, $22
XAGUSD Long-term trend: Bullish
Silver’s long-term outlook is favorable. After a protracted bearish trend and the formation of a double-top chart pattern, the price of silver found support near $22. A “double bottom” bullish reversal chart pattern was made at the $22 level of support. The cost of silver is going up. The $25 resistance level is tested today and the price is retracing.
White Silver is currently trading in a positive trend above the 9-period and 21-period exponential moving averages while the fast EMA crossed the slow EMA upward. The period 14 signal lines of the relative strength index are heading upward at 62. Silver’s price may rise and test the $26 and $27 resistance levels if buyers are able to hold the $24 price level and the $25 resistance level is breached. If sellers apply more pressure, the $23 and $22 price support levels can be tested, which would lead to a breach of the $24 level downward.
XAGUSD Medium-term Trend: Bearish
XAGUSD 4-hour chart shows a bearish phase. The double bottom, a bullish reversal chart pattern, seems possible. White metal’s price twice hit a low of $22 before beginning a sharp increase. The prior resistance levels of $23 turned into support levels as buyers gained traction. As we approach closer to $25, the price is becoming less outrageous. The price is currently pulling back.
Since the price of silver is currently trading below important dynamic resistance levels, a bearish market is in place. At a level of 45, the relative strength index period 14 signal line is pointing downward, indicating a sell.
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