Silver (XAGUSD) Price Is Decreasing Near $22 Support Level

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Azeez Mustapha

Updated: 7 September 2023

Silver Price Targeting previous low of $22

SILVER Price Analysis – 07 September

Silver’s price may fall and test the $1 and $20 support levels if sellers are able to hold the $23 price level and the $22 support level is breached. If buyers stepped up their pressure, which would result in a breakup of the $23 level, the targets of a price break higher would be the $24 and $25 price levels.

XAGUSD Market

Key Levels:

Resistance levels: $23, $24, $225

Support levels: $22, $21, $20

XAGUSD Long-term trend: Bearish

Silver’s long-term outlook is bearish. The white metal is heading toward the previous low at the $22 support level as sellers exert more pressure. On August 15, the price found support at $22 level and the price bounced up. Silver price broke through the $24 support level. This situation caused Silver’s price to incline on August 30 to $25 level. Sellers withstood the buyers’ movement at the specified level. It is currently falling as the number of sellers increases. The price has already surpassed the $3 level.

The white metal is trading in a negative trend below the 9-period and 21-period exponential moving averages, and the fast EMA has crossed the slow EMA downward. The period 14 relative strength index signal lines are bending downward at 39. Silver’s price may fall and test the $1 and $20 support levels if sellers are able to hold the $23 price level and the $22 support level is breached. If buyers stepped up their pressure, which would result in a breakup of the $23 level, the targets of a price break higher would be the $24 and $25 price levels.

XAGUSD Medium-term Trend: Bearish

XAGUSD’s 4-hour chart shows a bearish phase. When the double top chart pattern, a bearish reversal pattern, was formed, silver started falling below the support level of $24. The price of white metal is under the sellers’ pressure breaking the $23 barrier. It is decreasing near the $22 support level right now.

Currently, the price of silver is trading below significant dynamic resistance levels, signaling a bearish market. The period 14 signal line for the relative strength index is pointing downward and is at a level of 23. It is signaling a sell.

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