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Silver Price may increase to $25 Level
SILVER Price Analysis – 21 September
Silver price may fall and test the $21 and $20 support levels if sellers can hold the $23 price level and the $22 support level is broken. If buyers applied more pressure, breaking the $23 level would be the result. The targets of a price break higher would be the $24 and $25 price levels.
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 unfavorable. The white metal is heading toward the previous low at the $22 support level as sellers apply further pressure. At $22, the price found support on August 15 and later rose. On August 30, the $25 barrier level was once again tested, although bullish pressure decreased. The price of silver then broke through the $24 support level. As a result, on August 30, Silver’s price dropped to a level of $23. It is now rejecting the $22 level.
White metal’s price is between both the 9-period and 21-period exponential moving averages, and the fast EMA has crossed below the slow EMA in a downward manner. The period 14 signal lines of the relative strength index are bending downward at 45. Silver’s price may fall and test the $21 and $20 support levels if sellers can hold the $23 price level and the $22 support level is broken. If buyers applied more pressure, breaking the $23 level would be the result. The targets of a price break higher would be the $24 and $25 price levels.
XAGUSD Medium-term Trend: Bullish
The bullish phase is seen on the 4-hour XAGUSD chart. When the “double top” bearish reversal chart pattern appeared, silver started to fall below the $24 level of support. The price of white metal has surpassed $23 due to sellers’ pressure. The $22 support level has been tested and bounces up from the just mentioned level.
The price of silver, which is currently trading above significant dynamic resistance levels, is pointing to a bullish market. The period 14 signal line of the relative strength index, which is currently at a level of 50, points up. It is emitting a signal to buy.
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