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Silver Price may break up $23 level
SILVER Price Analysis – 26 October
If buyers are able to hold the $22 price level and the $23 resistance level is broken, silver’s price may rise and test the $24 and $25 resistance levels. Targets of a lower price break would be the $21 and $20 range, which would be reached with more selling pressure.
XAGUSD Market
Key Levels:
Resistance levels: $23, $24, $25
Support levels: $22, $21, $20
XAGUSD Long-term trend: Bullish
The long-term forecast for silver is favorable. As sellers put more pressure on the white metal, it dropped to the previous low at the $20 support level. Bulls defended the previously mentioned level by forming a strong bullish engulfing candle. Silver climbs and overcomes the resistance level of $21. Since October 6, buyers have been in charge of the silver market, and prices have been steadily climbing, with a target price of $23.
The price of silver is currently trading above the exponential moving averages (EMAs) for the 9 and 21 periods. The relative strength index’s period 14 signal lines are bending upward at position 52. If buyers are able to hold the $22 price level and the $23 resistance level is broken, silver’s price may rise and test the $24 and $25 resistance levels. Targets of a lower price break would be the $21 and $20 range, which would be reached with more selling pressure.
XAGUSD Medium-term Trend: Bullish
The 4-hour XAGUSD chart displays the bullish phase. A bullish “double bottom” reversal pattern on the chart indicated that silver was about to break above the $23 resistance level. The price of white metal has increased above $22 due to buyer demand. The $23 resistance level needs to be tested first.
The price of silver, which is currently trading above significant dynamic resistance levels, indicates a bullish market. The up-pointing period 14 signal line of the relative strength index is currently at 46. That is sending out a buy signal.
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