Silver (XAGUSD) Price: In case $23 Level Is Broken Downside, $21 Level May Be Tested

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Buyers lose steam on the silver market

SILVER Price Analysis – 27 July

Should buyers are able to hold the $24 price level and the $25 resistance level is broken, Silver may increase and test the $26 and $27 resistance levels. The $23 and $22 price support levels may be tested if sellers exert greater pressure, which would result in a breach of the $24 level downward

XAGUSD Market

Key Levels:

Resistance levels: $24,$25, $26,

Support levels:  $23, $22, $21

XAGUSD Long-term trend: Bearish

Silver’s long-term outlook is bearish. The price of silver found resistance near $25 following a protracted bullish trend and the development of a double-top chart pattern. At the $25 level of resistance, a bearish reversal chart pattern known as a “double top” was formed. The price of silver is falling. Last week, it pulled back and retested the $25 level. Today’s price decrease is occurring when sellers gained more momentum.

While the fast EMA is crossing the slow EMA downward, white metal is currently trading in a bearish trend below the 9-period and 21-period exponential moving averages. The relative strength index’s period 14 signal lines are pointing down at 33. If sellers are able to hold the $24 price level and the $23 support level is broken, silver’s price may decrease and test the $22 and $21 support levels. The $25 and $26 price resistance levels may be tested if buyers exert greater pressure, which would result in a breach of the $24 level upward

XAGUSD Medium-term Trend: Bearish

XAGUSD 4-hour chart shows a bearish phase. It appears feasible for the double top, a bearish reversal chart pattern. Before starting a rapid descent, the price of white metal twice reached a high of $25. As sellers gathered momentum, the $24 barrier levels from earlier became resistance levels. Last week, the cost seems less exorbitant as we get near to $25. Currently, the price is declining toward the previous low of $23 level.

A negative market is present since the price of silver is currently trading below significant dynamic resistance levels. The relative strength index period 14 signal line is heading down at a level of 33, signaling a sell.

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