Silver (XAGUSD) Price: Double Bottom Chart Pattern at $22 Level, Targeting $24 Level

Updated:

SILVER Price Analysis – February 17

Failure to break up $23 price level by the bulls may result to further price decrease to $22, $20 and $19 levels. Silver price may increase when the Bulls’ momentum breaks up the $23 resistance level, the price may find its resistance at $24 and $24 levels.

XAGUSD Market

Key Levels:

Resistance levels: $23, $24, $25

Support levels: $22, $20, $19

XAGUSD Long-term trend: Bullish

XAGUSD (Silver) is bullish on the long-term outlook. The metal has tested the support level of $22 three times. That means, it formed a triple bottom chart pattern. The white metal has been under the control of the bears since January. The price hit the September low on February 03. It pulled back to retest the resistance level of $24. It declined and tested the level of $22 third time. A pin bar is formed at the mentioned level which indicate a price reversal. The Bulls have started gaining more pressure and the price is gradually increasing.

There is an increase in bullish momentum as the Silver price is trading above the 9 periods EMA and the 21 periods EMA. The relative strength index period 14 is at 54 levels with the signal lines pointing upside to connote buy signaling. Failure to break up $23 price level by the bulls may result to further price decrease to $22, $20 and $19 levels. Silver price may increase when the Bulls’ momentum breaks up the $23 resistance level, the price may find its resistance at $24 and $24 levels.

XAGUSD Medium-term Trend: Bullish

XAGUSD is bullish on the daily chart. The formation of double bottom chart pattern at the support level of $22 is noticed. This is the confirmation of bullish reversal. Silver price bounces off the support level of $22. This is the second time the price visited this mentioned level. Further price increase is highly envisaged. The bulls are ready to take over the silver market.

The Silver price is trading above the 9 periods EMA and 21 periods EMA. The relative strength index period 14 is at 50 levels with the signal lines pointing up to indicate buy signal.

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Azeez Mustapha

Azeez Mustapha is a trading professional, currency analyst, signals strategist, and funds manager with over ten years of experience within the financial field. As a blogger and finance author, he helps investors understand complex financial concepts, improve their investing skills, and learn how to manage their money.