Silver (XAGUSD) Price: Double Top Chart Pattern at $15 Level, More Bearish Pressure Envisaged

Sellers’ momentum is increasing in the Silver market

SILVER Price Analysis – 12 May

When the $22 level is broken downward, Silver support levels of $21 and $20 can be tested as demand decreases. Silver’s price might rise and try the $24 and $25 resistance levels if buyers are able to hold the $22 price level and the $23 resistance level is breached.

XAGUSD Market

Key Levels:

Resistance levels: $23, $24, $25

Support levels: $22, $21, $20

XAGUSD Long-term trend: Bearish

XAGUSD (Silver) is bearish on the long-term outlook. The price of white metal increased from $19 to $23, then crossed that mark. The enthusiasm of the bulls propelled the price above the predetermined level. Large daily bullish candles were formed on March 14, the day when buyers increased market pressure. The price surpassed the $24 resistance level on April 4 and the resistance level of $25 was tested twice to form a Double Top chart pattern, which is a bearish indication. Sellers are dominating the Silver market at the moment and further price decreases are envisaged.

The fast EMA is crossing the slow EMA downside, indicating a bearish trend and white metal is trading below the 9-period and 21-period exponential moving averages. A selling setup is indicated by the relative strength index period 14 signal lines pointing down at 36. When the $22 level is broken downward, price support levels of $21 and $20 can be tested as demand decreases. Silver’s price might rise and try the $24 and $25 resistance levels if buyers are able to hold the $22 price level and the $23 resistance level is breached.

XAGUSD Medium-term Trend: Bearish

XAGUSD is in a bearish phase on the 4-hour chart. The bearish reversal chart pattern called Double Top is formed at the resistance level of $15. The price of white metal began to drop quickly after hitting a high of $25 twice. The former support level of $24 and $23 have turned to resistance levels when sellers gain more momentum. It is currently heading toward $22 level.

The price of silver is trading below the dynamic support levels signifying a bearish market. The period 14 signal line for the relative strength index is heading down at a level of 20, indicating a strong sell.

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