Silver (XAGUSD) Price Follows Double Bottom Chart Pattern Direction

Updated:

SILVER Price Analysis – February 23

Ability to break up $24 price level by the bulls may increase price further to $25 and $26 levels. Silver price may decrease when the Bulls’ momentum become weak and the price could not breaks up the $24 resistance level, the price may find its support at $23, $22 and $20 levels.

XAGUSD Market

Key Levels:

Resistance levels: $24, $25, $26

Support levels: $23, $22, $20

XAGUSD Long-term trend: Bullish

XAGUSD (Silver) is bullish on the long-term outlook. The white metal is still obeying the command of the triple bottom chart pattern formed two weeks ago. Silver tested the support level of $22 three times. The white metal started to be under the control of the bulls since February 04. The price bounced up from the support level of $22. It increases and break up the resistance level of $23 and currently increasing towards the resistance level of $24.

There is an increase in bullish momentum as the Silver price remains above the 9 periods EMA and the 21 periods EMA. The relative strength index period 14 is at 57 levels with the signal lines pointing upside to connote buy signaling. Ability to break up $24 price level by the bulls may increase price further to $25 and $26 levels. Silver price may decrease when the Bulls’ momentum become weak and the price could not breaks up the $24 resistance level, the price may find its support at $23, $22 and $20 levels.

XAGUSD Medium-term Trend: Bullish

XAGUSD is bullish on the daily chart. Last week, the price commenced a bullish trend due to the formation of double bottom chart pattern at the support level of $22. This is a bullish reversal chart pattern. Silver price bounces off the support level of $22 and increase towards the resistance level of $24.

The Silver price is trading above the 9 periods EMA and 21 periods EMA. The relative strength index period 14 is at 57 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.