Silver (XAGUSD) Price Is Pressing Hard on $24 Resistance Level

Buyers may break up $24 level

SILVER Price Analysis – 21 December

If buyers can hold the $23 price level and the $24 resistance level is broken, silver’s price may rise and test the $25 and $26 resistance levels. A lower price breach of the $23 barrier would aim for the $22 and $21 zone in the event of strong selling pressure.

XAGUSD Market

Key Levels:

Resistance levels: $24, $25, $26

Support levels: $23, $22, $21

XAGUSD Long-term trend: Bullish

Silver’s long-term outlook is favorable. The price fell to the $22 support level when sellers gained traction. The bulls increased their pressure, and buyers held onto the previously mentioned level, causing the white metal to ascend to its previous high at the $23 barrier level. Bulls successfully defended the previously advised level today by forming a strong bullish candle. At $23, the price breaks through resistance levels.  Silver is struggling to break up $24 resistance level.

 

The price of silver is currently above the exponential moving averages (EMAs) with nine and twenty-one periods. The relative strength index’s period 14 signal lines are bending upward at point 63. If buyers can hold the $23 price level and the $24 resistance level is broken, silver’s price may rise and test the $25 and $26 resistance levels. A lower price breach of the $23 barrier would aim for the $22 and $21 zone in the event of strong selling pressure.

XAGUSD Medium-term Trend: Bullish

XAGUSD 4-hour chart is showing signs of a bullish trend. Near the $22 support level, a pin bar candle pattern appeared, signaling the beginning of a bullish reversal. With silver starting its ascent, the $23 level that was once resistance has now turned into support. The price of white metal increased by $24 as a result of the unexpected increase in demand. Silver is now dealing with a $24 price point.

The market appears to be functioning better right now, as seen by the silver price, which is trading above key dynamic resistance levels. The relative strength index period 14 is pointing down with the signal line currently at 62. That implies a purchase.

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