Silver (XAGUSD) Price: Buyers Could no Longer Defend $22 Support Level

Silver Price decreases further

SILVER Price Analysis – 28 September

If sellers can hold the $22 price level and the $21 support level is broken, Silver might decline and test the $20 and $19 support levels. The $22 level would be broken if buyers exerted greater pressure. The $23 and $24 price levels would be the targets of a price break higher.

XAGUSD Market

Key Levels:

Resistance levels: $22, $23, $24

Support levels: $21, $20, $19

XAGUSD Long-term trend: Bearish

The long-term forecast for silver is bearish. As sellers increase their pressure, the white metal is moving toward its previous low at the $21 support level. On August 15, the price gained support at $22 and thereafter increased. Although there was less positive impetus on August 30, the $25 barrier level was once more tested. The support level of $24 was then breached by the price of silver. Due to this, Silver’s price fell to a low of $23 on August 30. The $22 level is currently being penetrated.

The price of Silverl is trading below the 9-period and 21-period exponential moving averages, and the fast EMA has descended by crossing below the slow EMA. The relative strength index’s period 14 signal lines are bending downward at 36. If sellers can hold the $22 price level and the $21 support level is broken, silver’s price might decline and test the $20 and $19 support levels. The $22 level would be broken if buyers exerted greater pressure. The $23 and $24 price levels would be the targets of a price break higher.

XAGUSD Medium-term Trend: Bearish

The 4-hour XAGUSD chart displays the bearish phase. The “double top” bearish reversal chart pattern signaled the beginning of silver’s decline beneath the $24 level of support. Due to sellers’ pressure, the price of white metal has crossed $23. The $22 support level has been put to the test and has broken down that point.

The price of silver, which is currently trading below significant dynamic resistance levels, is pointing to a bearish market. The period 14 signal line of the relative strength index, which is currently at a level of 34, points down. It is emitting a signal to sell.

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