Silver (XAGUSD) Price Is Having Trouble Breaking Past Resistance Level of $24

Price may surpass $24 level

SILVER Price Analysis – 28 December

Silver’s price may rise and test the $25 and $26 resistance levels if buyers can hold the $23 price level and the $24 resistance level is breached. In the event of significant selling pressure, a lower price breach of the $23 barrier would aim for the $22 and $21 zones.

XAGUSD Market

Key Levels:

Resistance levels: $24, $25, $26

Support levels: $23, $22, $21

XAGUSD Long-term trend: Bullish

The long-term forecast for silver is positive. When sellers gained traction, the price dropped to the $22 support level. The white metal rose to its prior high at the $23 barrier level as the bulls applied more pressure and buyers held onto the previously mentioned level. Today, bulls formed a strong bullish candle and successfully defended the previously recommended level. The price breaks past levels of resistance at $23.  Silver is having trouble breaking past the resistance level of $24.

Right now, the price of silver is higher than the nine and twenty-one-period exponential moving averages (EMAs). At point 55, the period 14 relative strength index signal lines are bending upward. Silver’s price may rise and test the $25 and $26 resistance levels if buyers can hold the $23 price level and the $24 resistance level is breached. In the event of significant selling pressure, a lower price breach of the $23 barrier would aim for the $22 and $21 zones.

XAGUSD Medium-term Trend: Bullish

The 4-hour chart of the XAGUSD is exhibiting bullish trends. A pin bar candle pattern near the $22 support level indicated the start of a bullish reversal. The $23 level, which was resistance when silver first began to rise, is now supported. The unanticipated surge in demand caused a $24 increase in the price of white metal. At present, the price of silver is $24.

The price of silver, trading above significant dynamic resistance levels, suggests that the market is currently operating more efficiently. With the signal line at 50, the relative strength index period 14 is pointing upward. That suggests making a buy.

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